Market News

Midday cash livestock markets

There’s another light round of direct cash cattle business underway.  Dressed deals in Nebraska are at $405.  This follows the light round of business in Texas at $255 live on Tuesday, neither are enough business to establish an accurate price trend.  Bids have surfaced in Kansas at $253 live and $403 dressed, both are being passed.  Asking prices have been slow to surface.  Significant trade volume will likely be delayed until sometime Thursday or Friday. 

Boxed beef was mixed at midday with solid and light demand for moderate offerings.  Choice is $1.94 higher at $396.01 and Select was $.39 lower at $384.42.  The Choice/Select spread is $11.59. 

At the Interstate Regional Stockyards in Missouri, feeder steers and heifers were $10 to $15 lower.  The USDA says demand was moderate on a moderate supply. Receipts were up from the most recent sale, but down slightly on the week.  Feeder supply included 65 percent steers with 31 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers, unweaned, 602 to 636 pounds brought $387 to $425 and feeder steers 602 to 614 pounds brought $424 to $435.  Medium and Large 1 feeder heifers 459 to 494 pounds brought $410 to $450 and feeder heifers, 539 pounds, fleshy, brought $400. 

Cash hog prices at the major direct markets were weak at midday with moderate negotiated purchases. Processors appear to be less aggressive in their procurement efforts to start the day.  Demand for US pork on the global market has had some bright spots, but there are lingering concerns around long-term strength. There’s opportunity for domestic demand to see a boost with the return of summer grilling season and pork’s competitive price in the retail space.  Hog weights are down more than half a pound on the week, but are still two pounds heavier than year-ago levels. Barrows and gilts at the National Daily Direct were $.38 lower with a base range of $87 to $96 and a weighted average of $94.37; the Iowa/Minnesota had no comparison but a weighted average of $94.85; the Western Corn Belt had a weighted average of $94.37.  Prices at 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 light to moderate offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $49 to $59.  Boar ranged from $8 to $15 and $5 to $8. 

Pork values were lower at midday, down $.44 at $93.29.  Ribs were sharply lower.  Bellies and loins were also down.  Picnics, hams, and butts were firm to higher.