Market News
Midday Cash Livestock Market
In cash beef regions, bids were updated in parts of Kansas and Texas on Wednesday. Some offers in the South are around $190, but in the North they are yet to be finalized. Any significant volume will likely be delayed until Thursday or Friday. Private sources said there was sparse trading at $188 in parts of the South on Tuesday, but this has not been confirmed by the USDA.
Beef cutouts were mixed as of midday, with slight to moderate box movement. Choice was down $0.41 at $325.25 and Select was up $1.24 at $305.55. The Choice/Select spread was $19.70.
Callaway Livestock Center in Missouri had a consignment of 800 top quality, highly regarded home-raised calves at Monday’s auction, plus several pot loads, bunches and large herd consignments. Feed steers under 600 pounds sold perfectly steady and strong, with the heavier ones selling for $5 to $12 more. Feed heifers under 700 pounds sold for $5 to $15 more, with some even selling for $20 more. Demand was very high with a moderate to large supply, according to the USDA. Sixty percent of the feed supply was steers and 48% was over 600 pounds.
Cash hogs are flat to slightly down on lower initial negotiated volumes in the major direct sale markets. The big question midweek is whether buyers have caught up with the big increase in negotiated volumes on Tuesday or if some buyers still need short-term supplies. Volatility in the wholesale market may be making some buyers cautious about making big moves anyway. The average barrow and sow weight in the Iowa, southern Minnesota and South Dakota reporting areas last week was 285.3 lbs, up 0.9 lbs from the previous week and 7.5 lbs from last year.
National Dairy Direct bull and heifer prices fell 56 cents, with base prices ranging from $85 to $91, for a weighted average of $88.76. Iowa/Minnesota and Western corn, which had no comparables, had a weighted average of $89.31. Eastern cornbelt prices were not reported due to confidentiality.
In the Midwest cash market, slaughter hogs were stable at $60, sows were stable at $54 to $60 and boars were $18. In Illinois, direct sale sows were down $2 to $53 to $65 and boars were down $8 to $28.
Pork prices were up at midday, up $1.44 to $95.19. Belly, picnic, butt and loin prices were up. Ham and ribs were down.
