Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Asking prices have surfaced at $187 to $188 live in the South, but still not established in the North.  Bids remain very hard to find.  Significant trade volume will likely be delayed until sometime Thursday or Friday.

Boxed beef is lower at midday with light demand for moderate offerings.  Choice is $.48 lower at $308.31 and Select is $.99 lower at $270.92.  The Choice/Select spread is $37.39.

At the Kingsville Livestock Auction in Missouri, weaned calves on a health program sold $5 to $15 higher with spots sharply higher than the previous week.  There were a couple of long-weaned grass yearling steers weighing 650 to 800 pounds, those sold with a higher undertone on limited recent comparisons. Yearling heifers sold steady to $5 higher.  The USDA says overall quality was more attractive and demand was good.  Supply was moderate.  Receipts were down on the week, but up on the year.  Feeder supply included 46 percent steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 669 pounds brought $269 to $292.50 and feeder steers 778 pounds brought $284.25.  Medium and Large 1 feeder heifers 672 to 697 pounds brought $250 to $257.50 and feeder heifers 723 pounds brought $259.75. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors are off to a more aggressive start in their procurement efforts and are bidding up to move needed numbers.  Demand for U.S. pork on the global market has been strong, which helps provide some price support.  But domestic demand has been sluggish – and the inconsistency is adding to uncertainty in the market. The industry continues to monitor the availability of market-ready hogs as it monitors supplies.  Hog weights are up almost a pound on the week, but are still below year-ago levels. Barrows and gilts at the National Daily Direct are $3.16 higher with a base range of $78 to $86 and a weighted average of $85.16; the Iowa/Minnesota is $3.56 higher with a weighted average of $85.56; the Western Corn Belt is $3.42 higher with a weighted average of $85.42.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $49 to $60.  Barrows and gilts were steady with moderate demand for moderate offerings at $47 to $57.   Boars ranged from $20 to $30 and $15 to $25. 

Pork values were higher at midday – up $2.290 at $96.97.  Bellies and picnics are sharply higher.  Loins are higher.  Butts, hams, and ribs are all lower.