Market News

Midday cash livestock markets

There’s another light round of direct cash cattle trade underway.  Live deals in Texas at $256.  Bids have surfaced in other areas at $255 and $256 live.  Asking prices remain elusive.  It was a solid day of business on Tuesday with Live deals in the South $10 higher than the prior week’s weighted averages.  Dressed deals in the North were at $395 to $396, with some private reports of sales at $400, which was $14 higher than the previous week’s business.  Look for more trade to develop over the balance of the week.

Boxed beef closed lower with light demand for solid offerings.  Choice was $.94 lower at $387.96 and Select was $.94 lower at $397.84.  The Choice/Select spread was $.12. 

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers were steady to $4 higher.  Steer and heifer calves were mostly steady with spots of $8 higher.  The USDA says demand was good on a light supply.  There’s been some rainfall in the area, which has helped to improve pasture conditions.  Receipts were down on the week and the year.  Feeder supply included 57 percent steers with 45 percent of the offering weighing more than 600 pounds.  Medium and large 1 feeder steers 614 to 636 pounds brought $442 to $472.50 and feeder steers 718 to 748 pounds brought $389 to $398.  Medium and Large 1 feeder heifers 405 to 442 pounds brought $495 to $545 and feeder heifers 550 to 578 pounds brought $410 to $427.50. 

Cash hogs are higher at midday with solid negotiated purchases.  Processors have leverage and continue to drive the pace of business.  With supplies of market-ready hogs ample, demand matters.  There have been some bright spots when it comes to global demand for U.S. pork, but there are still uncertainties that linger about its long-term strength.  Summer grilling season is just around the corner and there are opportunities to bolster domestic demand, especially as pork remains a competitively priced protein in the retail space. Hog weights were down nearly a pound on the week and down 0.7 pounds on the year. Barrows and gilts at the National Daily Direct are $.62 higher with a base range of $87 to $96 and a weighted average of $92.87 and the Western Corn Belt is $.61 higher at $93.29.  The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $62. At Illinois, slaughter sows were steady with moderate demand for moderate 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 weak at midday, down $.08 at $98.18.  Bellies were sharply lower.  Picnics were down.  Hams, loins, butts, and ribs were firm to higher.