Market News

Midday cash livestock markets

There is a light round of direct cash cattle trade that’s being reported.  Dressed deals in Nebraska are marked at $386, but probably not enough business yet to establish an accurate price trend.  Bids have been floated at $245 to $246 live in the South.  Asking prices are around $388 dressed in the North, but not much out of the rest of cattle country.  Look for additional business to develop over the balance of the week.

Boxed beef is mixed at midday with mixed demand for solid offerings.  Choice is $1.09 lower at $385.09 and Select was $3.06 higher at $390.26.  The inversion on the Choice/Select spread has widened to $5.17.

At the Kingsville Livestock Auction in Missouri, steer and heifer calves were steady to $10 lower with spots of $15 lower.  Yearlings sold mostly steady with several loads featured.  The USDA says there were also several fancy groups of calves offered.  Demand was good for a moderate to heavy supply.  But steers weighing 600 to 650 pounds carrying some flesh were met with light demand.  Receipts were up on the week and the year.  Feeder supply included 52 percent steers with 59 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 660 to 667 pounds brough $429 to $458 and feeder steers 810 to 828 pounds brought $377.50 to $389.  Medium and Large 1 feeder heifers 661 to 671 pounds brought $399 and feeder heifers 700 to 712 pounds brought $367 to $386.

Cash hogs are lower at midday with light negotiated purchases. Processors aren’t as aggressive in their procurement efforts to start the day.  With ample supplies of pork available, demand remains crucial to the market.  There have been bright spots globally, countries like Mexico have been solid customers, but there are still long-term concerns that linger.  Domestic demand could see a boost as pork remains a competitively priced protein in the retail space as we head into summer grilling season. Barrows and gilts at the National Daily Direct are $1.90 lower with a base range of $88 to $94 and a weighted average of $89.83.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were steady with moderate demand for moderate offerings at $47 to $58.  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 $.26 at $99.08.  Picnics, bellies, loins, and hams were all down.  Butts and ribs were higher.