Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids have been non-existent.  Asking prices have surfaced in Texas at $250-plus live, but the rest of cattle country remains quiet.  Look for significant trade volume to hold out until sometime Thursday or Friday. 

At the Kingsville Livestock Auction in Missouri, all weights of steers and heifer calves sold $5 to $15 higher and yearling heifers were mostly steady.  The USDA says demand was good to very good on a moderate supply.  Receipts were down on the week and up on the year.  Feeder supply included 49 percent steers and 54 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 654 to 687 pounds brought $426 to $444 and feeder steers 806 to 837 pounds brought $368 to $385.  Medium and Large 1 feeder heifers 608 to 629 pounds brought $390 to $433 and feeder heifers 760 pounds brought $362. 

Boxed beef was lower with light demand for moderate offerings.  Choice was down $1.21 at $381.53 and Select was $.07 lower at $386.26.  The Choice/Select spread was $4.74.   

Cash hog prices were not reported at midday, there were just a handful of negotiated purchases.  Processors have been able to move needed numbers at their pace.  Supplies of market-ready hogs are ample and hog weights are still high, coming in at an average of 291.1 pounds, that is down from last week and the previous year.  Demand, overall, has been strong.  There have been bright spots when it comes to demand for US pork on the global market, but there are still concerns that linger.  There’s potential that domestic demand could see a boost as pork remains a competitively priced protein in the retail space, especially heading into summer grilling season.  The market continues to struggle with consistency. The give-day rolling average for barrows and gilts at the National Daily Direct was $90.34; it’s $91.38 for the Iowa/Minnesota and the Western Corn Belt.

Butcher hog prices at the Midwest cash markets were steady at $60. 

Pork values were lower at midday, down $.72 at $97.10.  Bellies and ribs were both sharply lower.  Picnics and hams were weak.  Loins and butts were higher and sharply higher.