Market News

Midday cash livestock markets

Direct cash cattle trade is quiet with just a few scattered bids on the table.  Asking prices are around $105 plus live in the South and $170 dressed in the North.  There’s been a moderate trade that’s taken place this week.  Northern dressed deals had a range of $157 to $167 and Southern live deals have been marked at $100 to $102.  It’s very likely the bulk of this week’s business is completed.

Boxed beef is lower at midday on moderate demand for moderate to heavy offerings.  Choice is $4.29 lower at $213.64 and Select is $2.02 lower at $206.06.  The Choice/Select spread is $7.58. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 850 to 950 pounds, and 1001 to 1050 pounds were mostly steady, steers 951 to 1000 pounds were $2 to $3 higher.  The best test on heifers 900 to 950 pounds were $4 to $5 higher.  The USDA says there was moderate to good demand for today’s offering of packages and loads.  Quality varied, but it was mostly average to attractive and the market was moderate to active.  Receipts were down on the week and about even on the year.  Feeder supply included 63 percent steers and 92 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 851 to 895 pounds brought $124 to $127.50 and feeder steers 909 to 949 pounds brought $118.75 to $122.50.  Medium and Large 1 feeder heifers 814 to 848 pounds brought $116.25 to $120.25 and feeder heifers 919 to 929 pounds brought $112.75 to $115. 

Cash hogs opened steady with moderate negotiated numbers.  With heavy supplies of market-ready barrows and gilts, it’s good news that processors continue to push daily slaughter totals higher.  While that’s helping to keep the supply chain fully stocked, packers are still trying to work through the backlog of hogs.  That won’t happen overnight.  Demand remains the bright spot for US pork and this week’s export sales report showed strong sales into Mexico and China.  The industry remains hopeful domestic demand will also remain strong.  Barrows and gilts at the National Daily Direct are $.16 lower with a base range of $25 to $30 for a weighted average of $28.54; the Iowa/Minnesota is $.24 lower for a weighted average of $28.69; the Western Corn Belt is $.23 lower for a weighted average of $28.69; the Eastern Corn Belt had no comparison for a weighted average of $29.04. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with light to moderate demand for moderate to heavy offerings at $7 to $18.  Barrow and gilt prices were weak with light demand for heavy offerings at $10 to $18.  Boars ranged $1 to $5. 

Pork values are higher at midday – up $1.02 at $66.49.  Loins are sharply higher.  Picnics are higher.  Butts are firm.  Ribs are weak.  Bellies and hams are lower to sharply lower.