Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet again.  Bids remain elusive.  Asking prices have been floated at $190-plus live in the South, but still haven’t been established in the North.  Significant trade volume will likely hold out until late in the week, especially with Friday’s Cattle on Feed numbers from the USDA.

Boxed beef is higher at midday with solid demand for moderate offerings.  Choice is $.08 higher at $324.04 and Select is $1.37 higher at $296.17.  The Choice/Select spread is $27.87. 

At the Interstate Regional Stockyards in Missouri, feeder steers were steady to $6 lower with the most decline on non-weaned calves over 500 pounds.  Feeder heifers 400 to 550 pounds were $5 to $10 higher, other weights were nearly steady.  The USDA says supply was light and demand was uneven.  For example, demand was good for the lighter heifers, while steer calves were less desirable.  Receipts were down on the week.  Feeder supply included 50% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 620 to 638 pounds brought $260 to $267 and feeder steers 652 pounds, value added, brought $261.  Medium and Large 1 feeder heifers 502 to 535 pounds brought $257 to $278 and feeder heifers 562 to 568 pounds brought $245 to $257. 

Cash hogs are firm at midday with pretty light negotiated purchases.  Global demand for U.S. pork is the bright spot for the cash hog market right now.  Domestic demand has been inconsistent, creating additional uncertainty in the market.  Hog weights were only up slightly on the week and the year.  Supplies of market-ready hogs remain ample.  Processors have been more aggressive this week in their procurement efforts and prices have reflected that. Barrows and gilts at the National Daily Direct are $.33 higher with a base range of $70 to $79 and a weighted average of $75.51.  No comparison with a weighted average of $75.76.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality.  

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values were higher at midday – up $1.13 at $98.40.  Picnics were sharply higher.  Bellies and loins were higher.  Ribs were weak.  Hams and butts were lower. 

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