Market News

Midday cash livestock markets

Cash cattle country is off to another slow start Wednesday. A few asking prices are being reported in parts of Texas at $260 to $262. The rest of the trade remains quiet, and bids have been very elusive at this point. Due to the federal Juneteenth holiday on Friday, packer inquiry should begin to improve by sometime Thursday.

Boxed beef was mixed at midday with Choice down $3.47 at $396.11 and Select up $.57 at $377.42. The Choice/Select spread was $18.69.

At the Interstate Regional Stockyards in Missouri on Tuesday, feeder steers and heifers were $5 to $15 higher based on a limited market test. Slaughter cows were steady with good demand. USDA says the feeder market looks good so far this week. Feeder supply included 54% steers and 27% of the offering was over 600 pounds. Medium and Large 1 feeder steers 555 to 587 pounds brought $450 to $476. Medium and Large 1 feeder heifers 500 to 520 pounds sold for $440 to $467.50.

Cash hogs were steady to higher at midday. Processors came into the week showing a bit more urgency in securing supplies, helping move larger numbers. Even with that support, supplies of market ready hogs remain plentiful, keeping the spotlight firmly on demand. There’s still some uncertainty about how strong long-term export demand for U.S. pork will be, which is weighing on the outlook. On the domestic side, however, demand could get a seasonal boost as grilling demand picks up and pork remains competitively priced at retail. The industry is also continuing to closely watch available hog supplies and weights as those factors will play a key role in determining overall market direction. Hog weights did decline more than 2 pounds on the week, but are still running above year-ago levels. 

Barrows and gilts at the National Daily Direct were up $2.08 at midday with a base range of $86 to $98. The weighted average price is $97.50. The Iowa/Minnesota and Western Corn Belt markets had no comparisons, but showed a weighted average of $97.73 and $97.47 respectively. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hogs were steady at the Dorchester, Wisconsin market with barrows and gilts priced at $60; sows had a range of $49 to $55; boars were marked at $17. Illinois slaughter sows were steady with moderate demand for light offerings at $47 to $59; barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61; boars had a range of $15 to $30.

Pork values were lower at midday – down $.52 at $95.05. Bellies, hams, and ribs were higher. Picnics, butts and loins were lower.