Market News

Midday cash livestock markets

Direct cash cattle trade activity is at a standstill.  Bids have surfaced at $112 live in Texas and $175 dressed in Nebraska, while the rest of cattle country has remained quiet.  Asking prices are around $114 plus live in the South and $182 to $185 dressed in the North.  Look for packer inquiry to improve as the day progresses. 

Boxed beef is higher to sharply higher at midday on good demand for light offerings.  Choice is $.98 higher at $230.64 and Select is $2.39 higher at $221.38.  The Choice/Select spread is $9.26. 

At the Hub City Livestock Auction in South Dakota, compared to last week steers 500 to 900 pounds were $2 to $4 higher with instances of $9 higher on 550 to 600 pounds and 650 to 700 pounds steers.  Heifers 500 to 800 pounds were $1 to $3 higher, except 700 to 750 pounds were not well tested for a decent comparison.  The USDA says demand was good to very good for the large offering of packages and loads.  The offering featured many light fleshed, light weight cattle, with quite a few load lots available – all of which were met with excellent demand.  Flesh was light to moderate plus and quality ranged from average to attractive, similar to last week.  The market was active.  Receipts were up on the week and the year.  Feeder supply included 62 percent steers and 74 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 653 to 698 pounds brought $147 to $160 and feeder steers 852 to 897 pounds brought $132 to $136.25.  Medium and Large 1 feeder heifers 600 to 648 pounds brought $139.50 to $152.25 and feeder heifers 659 to 688 pounds brought $130.50 to $149.    

Cash hogs are firm at midday with solid negotiated numbers.  The industry remains optimistic demand for US pork will continue to see strength both domestically and on the global market.  This week’s export sales report showed some promise and pork export sales have been off to a strong start for the year.  The heavy supplies, however, do limit the market’s ability to move higher for a significant period of time.  Daily slaughter totals continue to push higher.  That keeps supply chains moving, but it also adds more pork to an already saturated market.  Barrows and gilts at the National Daily Direct are $.42 higher with a base range of $51 to $58 and a weighted average of $56.28.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $42. At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $34 to $46.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $34 to $39.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are sharply higher at midday – up $3.31 at $84.42.  Hams, butts, picnics, bellies, and loins are all sharply higher.  Ribs were sharply lower.