Market News

Midday cash livestock markets

Direct cash cattle trade activity remains at a standstill. Bids are non-existent.  Asking prices are around $116 plus live in the South and $188 dressed in the North.  Packer inquiry could improve as the day progresses, but it is quite possible significant trade volume will be delayed until sometime on Friday.  There was a special Fed Cattle Exchange on Thursday with 1,444 head offered and 737 head sold.  There were 487 head that sold in Texas for $114 and 250 head sold in Kansas at $113.75 to $114.

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.99 higher at $239.50 and Select is $1.73 higher at $227.37.  The Choice/Select spread is $12.13. 

At the Hub City livestock auction in South Dakota, compared to last week steers 550 to 600 pounds were mostly steady, 601 to 650 pounds were not well compared, 651 to 900 pounds were $2 to $5 higher with instances of up to $7 higher on 750 to 800 pounds steers.  The best test was on heifers 550 to 650 pounds which were mostly steady, 651 to 700 pounds were $3 to $4 higher.  The USDA says demand was good for many packages and loads of mostly home-raised cattle.  Many were attractive with flesh ranging from moderate to heavy and a lot of interest in finishing type cattle this week.  The market was active.  Feeder supply included 71 percent steers and 91 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 652 to 696 pounds brought $148 to $161.85 and feeder steers 858 to 892 pounds brought $131 to $141.50.  Medium and Large 1 feeder heifers 620 to 648 pounds brought $133.50 to $144.25 and feeder heifers 700 to 743 pounds brought $128.50 to $143. 

Cash hogs are higher at midday with moderate negotiated purchases.  Packers are bidding up to move their desired numbers.  The industry remains optimistic demand strength for US pork will hold strong on the global market and here domestically and that’s providing price support. However, concerns about heavy supplies aren’t out of sight.  The availability of market-ready hogs is more than ample and daily slaughter totals continue to push higher.  That’s adding more pork to a very saturated market. Barrows and gilts at the National Daily Direct are $1.27 higher with a base range of $62 to $73 and a weighted average of $68.57; the Iowa/Minnesota is $1.72 higher with a weighted average of $71.81; the Western Corn Belt is $1.37 higher with a weighted average of $71.46.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60 to $66 in Dorchester, Wisconsin and $5 to $10 higher in Garnavillo, Iowa at $70. 

Pork values are sharply higher at midday – up $2.93 at $92.10.  Bellies are sharply higher.  Hams, ribs, loins, and butts are all higher.  Picnics are about steady.