Market News

Midday cash livestock markets

Direct cash cattle business remains quiet.  A few bids have been floated in parts of Nebraska at $238 live and $378 dressed, but those are being passed.  Asking prices are at $245 to $247 live in Texas, but still haven’t been established in other areas. It looks like business is going to wait until the very end of the week to take place.

At the Wheeler Livestock Auction in Missouri, steers weighing less than 650 pounds were mostly $5 to $16 higher.  Steers weighing more than 650 pounds sold with a steady undertone.  Four-weight heifers sold with a sharply higher undertone.  Heifers 500 pounds and up were uneven from $2 lower to $10 higher.  The USDA says demand was good for all classes in the offering on a moderate supply.  Receipts were up on the week. Feeder supply included 46 percent steers with 43 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 500 to 528 pounds brought $491 to $527.50 and feeder steers 603 to 640 pounds brought $442.50 to $470.  Medium and Large 1 feeder heifers 552 to 554 pounds brought $426 to $443 and feeder heifers 601 to 612 pounds brought $385 to $395. 

Boxed beef was mixed at midday with light and moderate demand for light offerings.  Choice was $.45 lower at $364.39 and Select was $.26 higher at $363.29.  The Choice/Select spread was $1.10. 

Cash hog prices were not reported at midday with very light negotiated purchases.  This very slow end to the week isn’t a big surprise.  Processors likely have needed numbers on hand and won’t need to get aggressive in their procurement efforts.  The industry continues to navigate available supplies of pork vs. demand.  Market-ready hogs are ample and hog weights are still running above year-ago levels, which adds to pork supplies.  Demand, however, continues to navigate uncertainty when it comes to both global and domestic markets. The five-day rolling average for Barrows and Gilts at the National Daily Direct was $86.91.  It’s $87.03 for the Iowa/Minnesota and the five-day rolling average for the Western Corn Belt was $86.93. 

Butcher hog prices at the Midwest cash markets are steady at midday at $66. At Illinois, slaughter sow prices were $2 higher with moderate demand for light offerings at $49 to $61.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $8 to $15 and $5 to $8.

Pork values were lower at midday, down $.78 at $94.87.  Ribs were sharply lower.  Picnics, butts, and loins were lower.  Bellies were weak.  Hams closed higher.