Market News

Midday cash livestock markets

Direct cash cattle trade activity was quiet on Wednesday.  Bids and asking prices haven’t surfaced.  Packer interest could improve as the day progresses.  But, significant trade volume isn’t expected until sometime Thursday or Friday. 

Boxed beef was mixed at midday with light and solid demand for moderate offerings.  Choice was $.40 lower at $369.25 and Select was $3.52 higher at $350.02.  The Choice/Select spread was $19.23. 

At the Interstate Regional Stockyards in Missouri, there were no recent price comparisons for feeders available, but were sold with a lower undertone. The USDA says demand was moderate to good.  There was a nice offering of several medium sized consignments.  While there has been a significant price correction to the market, prices are still strong overall.  Receipts were up from the most recent sale and up slightly on the year.  Feeder supply included 62 percent steers with 60 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 601 to 641 pounds brought $412.50 to $437 and feeder steers 722 to 740 pounds brought $360 to $383.  Medium and Large 1 feeder heifers 652 to 698 pounds brought $328 to $360 and feeder heifers 700 to 718 pounds brought $329 to $337. 

Cash hogs are lower at midday with solid negotiated purchases.  Processors continue to have leverage and are controlling the pace of business.  However, the market remains very focused on demand, both on the global market and domestically.  While there have been some bright spots for exports, there are lingering long-term concerns.  Pork continues to be a competitively priced protein in the retail space, which could bolster domestic demand. Hog weights are down a half-pound on the week and are slightly higher than the previous week. Barrows and gilts at the National Daily Direct are $.52 lower with a base range of $92 to $100 and a weighted average of $98.91; no comparison at the Western Corn Belt but a weighted average of $99.51; the Eastern Corn Belt is $1.95 lower with a weighted average of $96.15.  The Iowa/Minnesota was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $68. At Illinois, slaughter sows were steady with moderate demand for moderate offerings at $40 to $52.  Barrows and gilts were $2 lower with moderate demand for moderate offerings at $62 to $72.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values were higher at midday, up $2.40 at $102.23.  Hams, loins, and bellies were all sharply higher.  Butts were higher.  Ribs and picnics were lower.