Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another quiet start following Tuesday’s very light business.  A few bids have been restated at $235 live.  Asking prices are around $235-plus live in the South, but still haven’t been established in the North.  There were a handful of deals reported in the South on Tuesday, but it wasn’t enough business to establish an accurate price trend.  Look for more business to develop over the balance of the week.

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers were uneven, from $5 lower to $5 higher.  Steer and heifer calves weighing less than 700 pounds were $8 to $16 lower with spots of $20 lower.  The USDA says demand was moderate on a moderate supply.  The quality was below average with a lot of green, short-weaned calves in the offering.  Receipts were down on the week, but up on the year.  Feeder supply included 44 percent steers and 63 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 619 to 635 pounds brought $337 to $340 and feeder steers 812 to 821 pounds brought $292 to $312.  Medium and Large 1 feeder heifers 603 to 648 pounds brought $304 to $318 and feeder heifers 700 to 730 pounds brought $299 to $307.50.

Boxed beef was higher at midday with solid demand for fairly light offerings.  Choice is $2.18 higher at $288.69 and Select is $2.48 higher at $375.02.  The Choice/Select spread is $13.67.

Cash hogs have no comparison a midday with huge negotiated purchases.   Processors started the day much more aggressive in their procurement efforts.  Global demand for U.S. pork remains strong, despite the uncertainty around China’s purchasing habits.  Domestic demand has found some strength recently and that’s also helping support the market.  The industry continues to monitor the availability of market-ready hogs and hog weights.  Those declined again this week to 286.5 pounds, that’s down 0.7 pounds on the week and down 0.9 pounds on the year.  Barrows and gilts at the National Daily Direct had a base range of $106 to $115 and a weighted average of $114.28; the Iowa/Minnesota has a weighted average of $114.16; the Western Corn Belt has a weighted average of $114.28.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are $2 higher at $76.   At Illinois, slaughter sow prices were $1 higher with moderate demand for light offerings at $54 to $66.  Barrows and gilts were steady with moderate demand for light offerings at $63 to $73.  Boars ranged from $25 to $35 and $18 to $25.

Pork values were lower at midday, down $2.42 at $117.47.  Butts, hams, loins, and ribs were all sharply lower. Picnics and bellies were higher.