Market News

Midday cash livestock markets

A pretty slow start to the day for direct cash cattle trade.  Bids have surfaced at $105 live and $165 dressed.  Both are below asking prices.  This morning’s Fed Cattle Exchange could jump-start business this afternoon.  Tuesday’s live business in the South had a full range of $104 to $107, mostly at $105.  There were also just a handful of deals reported in Iowa at $167 dressed.  Today’s Fed Cattle Exchange had an offering of 1,545 head with 779 head sold.  There were 199 head sold at $105, those were marked for 1 to 9-day delivery and 580 head sold with a range of $105 to $105.25, those were all marked for 1 to 17-day delivery. 

Boxed beef is higher at midday on good demand on light to moderate offerings.  Choice is $1.63 higher at $231.31 and Select is $1.90 higher at $214.16.  The Choice/Select spread is $17.15. 

At the Philip Livestock Auction in South Dakota, the USDA says demand was good for several long strings and many part-loads of packages of feeder steers, feeder heifers, and tested open replacement heifers.  All sold on a strong and active market.  The most recent feeder sale was 4 weeks ago, so no comparison was available.  But receipts were up on the year.  Feeder supply included 56 percent heifers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 910 to 940 pounds brought $134.50 to $139.50 and feeder steers 951 to 990 pounds brought $133 to $137.  Medium and Large 1 feeder heifers 854 to 885 pounds brought $130 to $137.50 and feeder heifers 903 to 933 pounds brought $129 to $137.50. 

Cash hogs were weak at midday with moderate negotiated purchases.  Heavy supplies continue to pressure prices.  Strong domestic demand, for the most part, has helped to keep prices supported.  But if the market is going to break out of this current price pattern, both global and domestic demand is going to need to see significant improvement.  A closer return to normal to the food service industry would also be beneficial to prices.  Average hog weights from the Iowa/Southern Minnesota this week are at 279 pounds. While that’s down 0.3 pound from last week, it’s still 1.6 pounds above year-ago levels.  Barrows and gilts at the National Daily Direct are $.34 lower with a base range of $38 to $42.50 for a weighted average of $41.94; the Iowa/Minnesota is $.41 lower with a weighted average of $41.87; the Western Corn Belt is $.46 lower with a weighted average of $41.82.  Th Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $11 to $23.  Barrow and gilt prices were $1 higher with good demand for moderate to heavy offerings at $22 to $26.  Boars ranged from $1 to $3. 

Pork values are lower at midday – down $2.49 at $72.32.  Loins, picnics, hams, bellies, and ribs are all lower.  Butts are firm.