Market News

Midday cash livestock markets

Direct cash cattle trade remains quiet.  Asking prices are around $189 live in the South, while the North remains quiet.  Packer inquiry could improve throughout the day.  But the bulk of the week’s business may hold out for higher money until sometime on Friday.  There was some light business reported in Iowa on Tuesday and $187 live and $295.50 dressed. 

Boxed beef is higher at midday on light demand for solid offerings. Choice is $.49 higher at $312.06 and Select is $.29 higher at $275.78.  The Choice/Select spread is $36.28.

At the Kingsville Livestock Auction in Missouri, steer calves under 550 pounds were $5 to $15 higher, steers 550 to 800 pounds were steady and two loads of 899-pound steers sold with a higher undertone.  Heifers were steady.  The USDA says demand was moderate to good for a moderate supply.  Steer calves and a few loads of yearlings saw the best demand.  Receipts were down on the week and the year.  Feeder supply included 59% steers and 52% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 510 to 545 pounds brought $330 to $345 and feeder steers 889 pounds brought $268.35.  Medium and Large 1 feeder heifers 509 to 543 pounds brought $275 to $298.50 and feeder heifers 664 pounds brought $223.50. 

Cash hogs are weak at midday with solid negotiated purchases. Processors are moving decent number without having to get too aggressive in their procurement efforts. Demand for U.S. pork on the global market has been strong, that’s helping provide some price support.  However, the industry continues to monitor what’s happening in the domestic demand market. Hog weights are up more than a pound on the week, but are down more than a pound on the year. Barrows and gilts at the National Daily Direct are $.33 lower with a base range of $81.50 to $88.15 and a weighted average of $87.36.  The Iowa/Minnesota and the Western Corn Belt both have no comparison but a weighted average of $87.47.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

At Illinois, slaughter sow prices were $1 lower with moderate demand for light offerings at $43 to $55.  Barrows and gilts were steady with moderate demand for moderate offerings at $48 to $58.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were lower at midday – down $1.90 at $89.25.  Bellies and hams were both sharply lower.  Ribs were lower.  Butts, picnics, and loins were all higher.