Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following the active day on Wednesday.  Live deals in the South were at mostly $140, $2 lower than last week’s weighted averages.  Northern dressed business was mostly at $225, $2 lower than last week’s weighted average basis in Nebraska.  Asking prices are at $142 plus live in the South and $226 plus dressed in the North.  There will likely be at least a little more business develop over the balance of the week.  Today’s special Fed Cattle Exchange was a non-starter with 1,732 head offered and zero head sold.  Bids did not meet the reserve prices ranging from $139 to $143. 

Boxed beef was lower at midday on light demand for fairly light offerings.  Choice is $.98 lower at $254.74 and Select is $1.90 lower at $249.44.  The Choice/Select spread is $5.30. 

At the Hub City Livestock Market in South Dakota, compared to two weeks ago, steers 650 to 900 pounds were $5 to $10 lower and lower undertones were noted on steers over 900 pounds.  The best test for heifers were 600-to-700-pound heifers and they were $8 to $12 lower and heifers 701 to 850 pounds were $2 to $4 lower.  The USDA says there was good to very good demand for the day’s large offering of attractive quality cattle.  The bulk of the offering was home-raised.  Flesh varied from moderate to heavy and cattle suitable for grass continue to be met with very good demand.  The market was active.  Receipts were up from two weeks ago and on the year.  Feeder supply included 52% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 746 pounds brought $160 to $174.50 and feeder steers 758 to 797 pounds brought $153 to $167.75.  Medium and Large 1 feeder heifers 700 to 743 pounds brought $142 to $161.50 and feeder heifers 856 to 879 pounds brought $130.50 to $138.50. 

Cash hogs opened sharply higher with a solid negotiated run.  Processors were aggressive in their procurement efforts and bid up to move their desired numbers.  Demand for US pork on the global market remains strong, but there are long-term concerns adding pressure to prices. Barrows and gilts at the National Daily Direct are $4.75 higher with a base range of $89 to $105 and a weighted average of $94.48.  The Iowa/Minnesota and the Western Corn Belt both had no comparison, but a weighted average of $96.42.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady in Dorchester, Wisconsin, and Garnavillo, Iowa at $66.  However, they’re $2 lower at Red Oak, Iowa at $63 to $65. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate to heavy offerings at $62 to $74.  Barrows and gilts were steady with moderate demand for moderate to heavy offerings at $57 to $63.  Boars ranged from $35 to $40 and $17 to $22.   

Pork values are sharply higher at midday – up $6.76 at $115.18.  Hams jumped more than $21 at midday.  Bellies were also sharply higher.  Ribs and loins were higher.  Butts and picnics were lower.