Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet, typical for a Monday.  Buyers and sellers are busy taking inventory to start the week.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until midweek or later. Deals last were lower.  Dressed business in the North was $2 lower with a range of $385 to mostly $386.  Southern live deals were also $2 lower with a range of $246 to $247, mostly $246. 

Boxed beef was higher at midday with solid demand for light offerings.  Choice up $1.42 at $388.42 and Select was $1.67 higher at $387.74.  The Choice/Select spread is $.68. 

In Iowa last week, bawling and weaned steers weighing less than 600 pounds sold $10 to $20 lower.  Six-weight steers were steady, and yearling steers were steady to $10 lower.  Heifer calves, weaned and bawling sold $10 to $15 lower.  Yearlings were $5 to $10 lower. The USDA says demand was moderate to good.  Receipts were up on the week, but down on the year.  Feeder supply included 57 percent steers with 62 percent of the offering weighing more than 600 pounds.  Medium and large 1 feeder steers 610 to 649 pounds brought $431 to $462.50 and feeder steers 800 to 836 pounds brought $351.50 to $366.  Medium and Large 1 feeder heifers 650 to 694 pounds brought $350 to $388 and feeder heifers 753 to 794 pounds brought $324 to $354. 

Cash hog prices at the major directs are lower at midday with solid negotiated purchases.  There are ample supplies of market-ready hogs and hog slaughter continues to run at a solid pace.  As a result, processors have leverage and are able to control the pace of business.  This also means demand remains crucial.  While there have been some bright spots when it comes to global demand for US pork, there are long-term concerns that linger.  There’s optimism that domestic demand could get a spark with the return of summer grilling season and pork’s competitive price in the retail space.  Barrows and gilts at the National Daily Direct are $.28 lower with a base range of $88 to $92 and a weighted average of $90.32; both the Iowa/Minnesota and the Western Corn Belt are $.28 lower with a weighted average of $90.35.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are up $2 from last week at $62.  At Illinois, slaughter sows were steady with moderate demand for light offerings at $45 to $57.  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 higher at midday, up $.68 at $100.29.  Ribs were sharply higher.  Butts, bellies, and hams were all solidly higher.  Picnics and loins were down.