Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids and asking prices have yet to be established.  Showlists this week are mixed, higher in Nebraska/Colorado and Kansas, but lower in Texas. Significant trade volume is likely going to hold out until sometime later in the week. 

At the Oklahoma National Stockyards, feeder steers weighing more than 800 pounds were $10 higher in a light test.  Steers weighing less than 800 pounds were $25 higher.  Steer calves were $20 to $30 higher.  Feeder heifer and heifer calves were $15 to $25 higher.  The USDA says feeder quality was plain to average and calf quality was average, with a few fancy drafts.  Buyers  were aggressive bidding on calves.  Receipts were up on the week and the year.  Feeder supply included 55 percent steers and 47 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 657 to 699 pounds brought $347 to $369 and feeder steers 704 to 749 pounds brought $343 to $364.  Medium and Large 1 feeder heifers 650 to 681 pounds brought $320 to $347. 

Boxed beef was mixed at midday with light to moderate demand for light offerings.  Choice was $1.61 lower at $377.64 and Select was $3.17 higher at $363.10.  The Choice/Select spread is $14.54. 

Cash hog prices at the major directs are higher at midday, with solid negotiated purchases.  Processors are continuing to be more aggressive in their procurement efforts and have moved decent numbers to start the day.  Demand for U.S. pork is the biggest overall driver of the market.  Domestic demand is likely still seeing some support as pork remains a competitively priced protein in the retail space.  Global demand is uncertain as key export and trade data are unavailable amid the ongoing partial shutdown of the U.S. government.  The industry is also watching the available supplies of market-ready hogs and hog weights, which have been pushing higher. Barrows and gilts at the National Daily Direct are $.66 higher with a base range of $80 to $87 and a weighted average of $84.07.  There was no comparison at the Iowa/Minnesota or the Western Corn Belt, but weighted averages of $84.32.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at midday at $68. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $55 to $67.  Barrows and gilts were steady with moderate demand for moderate offerings at $54 to $64.  Boars ranged from $25 to $35 and $18 to $25. 

Pork values were lower at midday, down $2.33 at $99.32.  Picnics and hams were both sharply lower.  Loins and bellies were lower.  Ribs and butts were firm to higher.