Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another pretty quiet start.  Bids have yet to be established.  Asking prices are at $214 live in the South, while the North has remained quiet. It’s likely that significant trade volume is going to hold out until sometime Thursday or Friday.

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers were $3 to $6 higher.  Steer and heifer calves, less than 700 pounds, were $6 to $12 higher.  Some pee-wee heifers were $20 higher.  The USDA says demand was very good on a light to moderate supply.  Buyers were more aggressive and less selective in their procurement efforts to pick up full loads. Receipts were down on the week and the year.  Feeder supply included 42 percent steers and 29 percent of the offering was more than 600 pounds.  Medium and Large 1 feeder steers 500 to 540 pounds brought $375 to $399 and feeder steers 553 to 588 pounds brought $357.50 to $386.  Medium and Large 1 feeder heifers 450 to 483 pounds brought $355 to $391 and feeder heifers 651 pounds brought $294.50. 

Boxed beef was mixed at midday with light to moderate demand for moderate offerings.  Choice is $.63 higher at $332.36 and Select is $1.20 lower at $316.45.  The Choice/Select spread is $15.91. 

Cash hogs are sharply higher at midday with big negotiated purchases.  Processors are more aggressive in their procurement efforts and have bid up to move needed numbers.  The industry continues to monitor global demand for U.S. pork, especially as China has abstained from purchasing U.S. goods.  There’s some optimism, especially following the Easter holiday and heading into grilling season, that domestic demand will see a boost, which could help provide additional price support.  And the industry continues to monitor hog weights, which were up slightly on the week, but are still running more than 4 pounds above year-ago levels. Barrows and gilts at the National Daily Direct are $4.22 higher with a base range of $83 to $95 and a weighted average of $91.59; the Iowa/Minnesota is $4.45 higher with a weighted average of $91.82; the Western Corn Belt is $4.57 higher with a weighted average of $91.94.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $66.

Pork values were weak at midday – down $.26 at $95.52.  Hams, picnics, loins, and ribs were all lower.  Bellies and butts were higher.