Market News

Midday cash livestock markets

Direct cash cattle trade activity was quiet again to start the day Wednesday.  Bids have been very hard to find.  Asking prices in the South are around $226 live, but still haven’t been established in the North.  Significant trade volume will likely be delayed until sometime Thursday or Friday.

At the Kingsville Livestock Auction in Missouri, steers and heifers sold $3 to $12 higher with a large majority of the consignments weaned and vaccinated calves and yearlings.  There were also several loads of yearlings in the offerings.  Receipts were up on the week and the year.  Feeder supply included 64 percent steers and 53 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 550 to 595 pounds brought $389 to $417 and feeder steers 752 to 796 pounds brought $316 to $349.  Medium and Large 1 feeder heifers 453 to 493 pounds brought $380.50 to $417 and feeder heifers 557 to 582 pounds brought $335 to $355. 

Boxed beef was mixed at midday with light to moderate demand for fairly light offerings.  Choice is $1.21 higher at $366.65 and Select was $.29 lower at $356.23.  The Choice/Select spread is $10.42. 

Cash hog prices had no comparison, with fairly light negotiated purchases.  The cash hog market continues to struggle with inconsistency, which includes pork values. Demand also remains crucial to the market.  The industry is optimistic that domestic demand will see a boost with the return of the summer grilling season.  Global demand has been strong, overall, helping provide price support.  But, China remains a wildcard. Hog weights were up slightly on the week but are more than 2 pounds below year-ago levels. Barrows and gilts at the National Daily Direct had a base range of $95 to $105 and a weighted average of $102.36; the Iowa/Minnesota had a weighted average of $102.36; the Western Corn Belt had a weighted average of $102.36.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $69.

Pork values were higher at midday – up $.53 at $106.63.  Bellies were sharply higher.  Picnics were higher.  Butts, ribs, loins, and hams were lower.