Market News

Midday cash livestock markets

It’s a quiet Friday for direct cash cattle trade activity following the light to moderate business that’s taken place throughout the week.  Asking prices for cattle left on showlists are around $140 plus live in the South and $235 dressed in the North.  While the bulk of the week’s business has likely wrapped up – a few cleanup deals could trickle in before the end of the day.  Deals this week have been at mostly $136 to $140 live in the South, steady to $4 higher than the prior week’s weighted averages.  Dressed deals in the North have had a full range of $223 to $236, mostly $230, about $4 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $1.11 lower at $266.05 and Select is $1.89 higher at $247.27.  The Choice/Select spread is $18.78. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 850 to 1000 pounds were steady to $4 higher, steers 1150 to 1200 pounds were $4 higher.  The USDA says a steady undertone was noted on heifers up to 800 pounds, heifers 800 to 1000 pounds were $1 to $4 higher.  Demand was good and there were many load lots in large offering of feeders.  Receipts were down on the week and up on the year.  Feeder supply included 33% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 856 to 893 pounds brought $160.50 to $171 and feeder steers 901 to 947 pounds brought $158 to $168.75.  Medium and Large 1 feeder heifers 858 to 898 pounds brought $146.25 to $155.10 and feeder heifers 901 to 949 pounds brought $142.30 to $150. 

Cash hogs are mixed at midday with moderate negotiated purchases.  Processors weren’t aggressive in moving their desired numbers and didn’t have to bid up.  Demand for US pork has been relatively strong on the global market, but there are concerns that could wane and creates added uncertainty to prices.  The industry continues to monitor the availability of market-ready hogs.  Barrows and gilts at the National Daily Direct are $1.51 lower with a base range of $108 to $123.50 and a weighted average of $115.35; the Iowa/Minnesota is $.03 higher with a weighted average of $120.79; the Western Corn Belt is $.36 higher with a weighted average of $120.79.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $74. At Illinois, slaughter sow prices were steady with light demand for light offerings at $42 to $54.  Barrows and gilts were steady with light demand for light offerings at $71 to $80.  Boars ranged from $45 to $50 and $10 to $15. 

Pork values are higher at midday – up $1.87 at $113.23.  Ribs are sharply higher.  Bellies and hams are higher.  Loins, butts, and picnics are all lower.