Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet.  A few bids have surfaced at $400 dressed in the North, those are being passed.  Asking prices haven’t been fully established.  So far this week there has been a handful of business at $255 live in the South and $400 dressed in the North, both are fully steady with the previous week’s weighted averages. 

Boxed beef was lower at midday with light demand for light offerings.  Choice was $1.62 lower at $390.72 and Select was $.65 lower at $391.59.  The Choice/Select spread is inverted at $.87. 

At the Kingsville Livestock Auction in Missouri, steer and heifer calves were steady to $10 higher.  Yearlings were fully steady.  The USDA says demand was good for a moderate to heavy supply. This week’s run was similar to recent weeks, with several loads of yearlings and fall born calves.  Receipts were down on the week and the year.  Feeder supply included 52 percent steers with 56 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 559 to 595 pounds brought $456 to $492.50 and feeder steers 902 to 926 pounds brought $350.50 to $360.50. Medium and Large 1 feeder heifers 501 to 532 pounds brought $442.50 to $485 and feeder heifers 715 to 739 pounds brought $374 to $375. 

Cash hog prices at the major directs are lower at midday with solid negotiated purchases.  Processors haven’t had to work as hard to move needed numbers.  There are ample supplies of market-ready hogs available and at heavier weights.  Hog weights are up slightly on the week to 291.2 pounds, also up from year-ago levels. With plenty of pork, demand remains crucial.  There continues to be bright spots when it comes global demand for US pork, think countries like Mexico, but there are still some lingering concerns about its long-term strength.  There’s also opportunity for domestic demand to see a bump with the return of summer grilling season, especially as pork remains a competitively priced protein in the retail space. Barrows and gilts at the National Daily Direct were $.82 lower with a base range of $90 to $95 and a weighted average of $94.79; no comparison at the Iowa/Minnesota with a weighted average of $95; the Western Corn Belt is $.61 lower with a weighted average of $95.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $64. 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 $47 to $57.  Boars raged from $8 to $15 and $5 to $8. 

Pork values were higher at midday, up $.67 at $96.64.  Bellies and hams were higher.  Ribs, butts, loins, and picnics were all lower.