Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another very slow start.  A few asking prices have been noted around $212-plus live in the South, while the North has remained quiet.  Bids are very elusive.  If business follows the trend of recent weeks, significant trade volume will likely be delayed until Friday. 

At the Interstate Regional Stockyards in Missouri, feeder steers less than 600 pounds were $5 to $15 higher.  The few steers that were more than 600 pounds were steady to $5 higher.  Feeder heifers less than 550 pounds were fully $15 to $25 higher.  The few heifers weighing more than 550 pounds were $5 higher.  Slaughter cows were $2 to $3 higher.  The USDA says demand was very good for the light supply.  There were several consignments of good quality, unweaned, medium-flesh new crop calves, which were met with excellent demand.  Receipts were down slightly on the week, but up on the year.  Feeder supply included 45 percent steers and 11 percent of the offering was more than 600 pounds.  Medium and Large 1 feeder steers 500 to 545 pounds brought $374 to $402 and feeder steers 600 to 644 pounds brought $316 to $346.  Medium and Large 1 feeder heifers 452 to 498 pounds brought $350 to $411 and feeder heifers 507 to 538 pounds brought $334 to $370.

Boxed beef was higher at midday with very good demand for heavy offerings.  Choice is $2.77 higher at $337.96 and Select is $2.98 higher at $317.03.  The Choice/Select spread is $20.93. 

Cash hogs are lower with fairly significant negotiated purchases.  Processors have been moving larger numbers this week ahead of Thursday’s Quarterly Hogs and Pigs report.  Demand for U.S. pork on the global market has been strong, but there have been back-to-back weeks of exports sales that have been at marketing-year lows.  With pork being a more competitively priced protein, it could provide a much needed boost to domestic demand.  The industry also is monitoring the availability of market-ready hogs and hog weights. Hog weights are up nearly a pound on the week to 290.7 pounds, that’s also up 3.3 pounds on the year. Barrows and gilts at the National Daily Direct were $.69 lower with a base range of $85 to $91 and a weighted average of $87.54; the Iowa/Minnesota was $.18 lower with a weighted average of $87.52; the Western Corn Belt is $.18 lower with a weighted average of $87.52.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets in Dorchester, Wisconsin are steady at $60. At Illinois, slaughter sow prices were $1 lower with moderate demand for moderate offerings at $51 to $63.  Barrows and gilts were $2 lower with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $25 to $35 and $18 to $25. 

Pork values were higher at midday – up $1.81 at $99.36.  Bellies jumped more than $10 to start the day.  Picnics, ribs, butts, and loins were also up.  Hams were lower.