Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another pretty quiet start.  Bids have surfaced in Kansas at $248 live, but the rest of cattle country has been quiet.  Asking prices have been floated in parts of Texas at $252-plus live.  Significant trade volume is likely going to hold out until sometime Thursday or Friday.  There were a handful of deals reported in the South on Monday, it was steady with the previous week’s business at $247 to $248 live, and wasn’t enough to establish an accurate price trend for the week. 

At the Ozarks Regional Stockyards in Missouri, feeder steers were steady to $6 higher and feeder heifers were not well tested.  Steer and heifer calves sold uneven, from $3 lower to $6 higher.  The USDA says demand was good on a moderate supply.  The quality of the offering was above average.  Receipts were up on the week and the year.  Feeder supply included 59 percent steers with 41 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 605 to 644 pounds brought $440 to $489 and feeder steers 753 to 772 pounds brought $382 to $400.  Medium and Large 1 feeder heifers 450 to 492 pounds brought $475 to $507.50 and feeder heifers 600 to 624 pounds brought $402.50 to $405. 

Boxed beef was lower at midday with light demand for moderate offerings.  Choice was $1.18 lower at $382.02 and Select was $.57 lower at $379.23.  The Choice/Select spread is $2.79.

Cash hog prices are higher at midday with solid negotiated purchases.  Processors are off to a little more aggressive start to the day and are bidding up to move needed numbers.  But, overall, the market has struggled to find consistent direction.  There have been some bright spots when it comes to demand for US pork on the global market, but there continues to be long-term uncertainties that linger.  Summer grilling season is just around the corner, which could provide a boost to domestic demand, especially as pork remains a competitively priced protein in the retail space. Barrows and Gilts at the National Daily Direct were up $1.94 with a base range of $91 to $92.50 and a weighted average of $92.20 and the Western Corn Belt is $1.92 higher with a weighted average of $92.20.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $64. 

Pork values were lower at midday, down $1.66 at $96.94.  Ribs and bellies were sharply lower.  Picnics, hams, and loins were also down.  Butts were higher.