Market News

Midday cash livestock markets

Direct cash cattle trade activity was quiet.  Bids and asking prices have yet to surface.  Showlists this week are mixed, higher in Texas, Nebraska, and Colorado, but lower in Kansas.  Significant trade volume isn’t expected until sometime Thursday or Friday. 

Boxed beef was mixed with fairly light demand for light offerings.  Choice was $.01 lower at $375.60 and Select was $.70  higher at $365.87.  The Choice/Select spread is $9.73. 

At the Tina Livestock Market in Missouri, compared to two weeks ago calves were mostly steady.  Feeder steers and heifers were mostly steady on comparable weights.  Receipts were down on the week and the year.  Feeder supply included 47 percent steers with 76 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 667 pounds brought $435 and feeder steers 856 to 887 pounds brought $345 to $355.25.  Medium and Large 1 feeder heifers 600 to 645 pounds brought $392 to $398 and feeder heifers 670 to 688 pounds brought $392.50 to $395. 

Cash hogs have no comparison at midday with solid negotiated purchases.  The market continues to keep a close eye on demand.  Globally, there have been some bright spots, but there are ongoing concerns about long-term strength.  Summer grilling season is in full swing, which could provide a boost to domestic demand, especially as pork is a competitively priced protein in the retail space.  The industry is also monitoring supplies of market-ready hogs and hog weights. Processors continue to have leverage, but appear to be more aggressive in their procurement efforts. Barrows and gilts at the National Daily Direct had no comparison but a base range of $96 to $100 with a weighted average of $96.87; the Iowa/Minnesota had a weighted average of $98.20; the Western Corn Belt had a weighted average of $98.20.  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 $2 lower with moderate demand for moderate offerings at $37 to $48.  Barrows and gilts were steady with moderate demand for moderate offerings at $57 to $67.  Boars ranged from $18 to $25 and $10 to $12. 

Pork values were weak at midday, down $.10 at $101.45.  Bellies were sharply lower.  Ribs, butts, and picnics were also lower.  Loins and hams were higher.