Market News

Midday livestock market updates

Direct cash cattle trade activity remains quiet.  Bids continue to be elusive.  Asking prices are around $188 to $190 live in the South, but the North has not been established.  Packer inquiry could start picking up as they day progresses, but significant trade volume will likely be delayed until late in the week, especially with Friday’s On Feed report.

Boxed beef is lower at midday on light demand for solid offerings.  Choice is $.93 lower at $312.09 and Select was $.78 lower at $300.09.  The Choice/Select spread is $12.

At the Interstate Regional Stockyards in Missouri, feeder steers were $2 to $5 higher.  Feeder heifers were $6 to $10 higher.  Slaughter cows were $3 to $5 higher.  The USDA says demand was good to very good and supply was moderate.  There were nice consignments on the top end of the offerings.  Receipts were up on the week and down on the year. Feeder supply included 52% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 641 pounds brought $297 and feeder steers 650 to 689 pounds brought $270 to $292.  Medium and Large 1 feeder heifers 549 pounds brought $289.25. 

Cash hogs were lower at midday with light negotiated purchases.  Processors aren’t aggressive in their procurement efforts.  Demand has been strong for US pork on the global market and domestically. That continues to drive the market.  Hog weights were even on the week but are still nearly 4 pounds above year-ago levels.  Slaughter pace is running about 0.5% above last year and that uptick is also helping keep the market active.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $1.47 lower with a base range of $85 to $88 and a weighted average of $87.02 and the Western Corn Belt was $1.21 lower with a weighted average of $87.34.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $50. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $35 to $47.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were lower at midday – down $.59 at $100.10.  Butts were sharply lower and loins were also lower.  Hams were about steady.  Picnics, ribs, and bellies were higher.

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