Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids have been slow to surface.  Asking prices are at $116 plus live in the South, while the North has been quiet.  Showlists this week appear to be mixed, higher in Texas, but lower in Kanas and Nebraska and Colorado.  Significant trade volume will likely be delayed until sometime Thursday or Friday. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $2.10 higher at $234.54 and Select is $.12 higher at $221.53.  The Choice/Select spread is $13.01. 

In South Dakota last week, compared to the prior week feeder steers were steady to $3 higher and feeder heifers under 600 pounds were $6 to $7 higher and heifers over 600 pounds were $2 to $3 higher.  The USDA says demand was moderate to good for the feeder cattle on offer last week.  Many sales were canceled due to the weather.  Feeder supply included 57 percent steers and 76 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 699 pounds brought $141.50 to $161 and feeder steers 701 to 747 pounds brought $142 to $154.  Medium and Large 1 feeder heifers 550 to 599 pounds brought $139.50 to $159 and feeder heifers 650 to 695 pounds brought $127.75 to $144.50. 

Cash hogs are sharply higher at midday with moderate negotiated numbers. Processors are bidding up to move their desired numbers today.  The industry remains optimistic demand for US pork will continue to see strength and that’s largely supportive to prices.  Supplies of market-ready barrows and gilts are more than ample and daily slaughter totals have remained high, which adds more pork to the market.  Although the winter weather moving through the middle part of the country could impact numbers.  Barrows and gilts at the National Daily Direct are $2.73 higher with a base range of $66 to $71 for a weighted average of $69.67.  There was no comparison at the Iowa/Minnesota but a weighted average of $69.71 and a weighted average at the Western Corn Belt of $69.67.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady and ranging from $60 to $66 in Garnavillo, Iowa. 

Pork values are lower at midday – down $.64 at $90.62.  Picnics are sharply lower.  Ribs and hams are lower.  Loins, butts, and bellies are higher.