Market News

Midday cash livestock markets

Direct cash cattle trade is quiet to start the week with bids and asking prices yet to surface.  If this week’s business follows the trade of recent weeks, it’s more than likely we’ll see at least a light to moderate trade develop just about every day this week.  Last week Northern dressed deals had a full range of $158 to $162, mostly $160, which is roughly $2 higher than the previous week’s averages.  Southern live business ranged from $97 to $99, steady to $1 higher than the prior week’s averages. 

Boxed beef is steady to firm at midday on moderate demand for light offerings.  Choice is $.69 higher at $203.95 and Select is $.04 higher at $189.93.  The Choice/Select spread is $14.02. 

In South Dakota, compared to last week feeder steers and heifers were steady to $5 higher.  The USDA says demand was very good for all weights of yearling cattle as optimism around the market continues to grow.  There were some long strings of yearlings offered and there were a lot of active buyers present.  Feed costs remain low, which is helping to boost demand.  Receipts were up on the week, but down on the year.  Feeder supply included 63 percent steers and 94 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 802 to 845 pounds brought $137.75 to $147.25 and feeder steers 952 to 997 pounds brought $124 to $135.75.  Medium and Large 1 feeder heifers 854 to 899 pounds brought $120 to $135.55 and feeder heifers 901 to 941 pounds brought $119.25 to $126.75. 

Cash hogs are steady to firm at midday.  The market continues to center around the supply and demand situation.  The availability of market-ready hogs is more than ample.  With packers continuing to push daily slaughter totals higher, that’s adding more pork to the market.  The current demand situation is uncertain and until there is consistent demand strength both globally and domestically it will be very difficult for prices to push higher for a prolonged period of time.   Barrows and gilts at the National Daily Direct are $.21 higher at midday with a base range of $27 to $41.27 for a weighted average of $41.15; the Iowa/Minnesota is $.09 lower for a weighted average of $40.78; the Western Corn Belt are $.25 higher at midday for a weighted average of $40.87.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $24.  At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $10 to $22.  Barrow and gilt prices were firm $19 to $28 with good demand for moderate to heavy offerings.  Boars ranged from $1 to $3. 

Pork values are sharply higher at midday, up $7.56 at $72.87.  Bellies jumped nearly $25 to start the day.  Picnics, ribs, loins, and hams were all sharply higher.  Butts were weak.