Market News

Midday cash livestock markets

Another round of light, scattered direct cash cattle business has been reported.  Live deals in Texas are at $179.  Deals in Nebraska are at $182 live and $290 dressed.  Asking prices are around $182 live in the South and $290-plus dressed in the North.  Look for more business to develop before the end of the day.  Deals for the week have been at mostly $178 live in the South, with some marked at $179, $1 to $2 below the previous week’s weighted averages.  In the North, live business has been marked at mostly $182, $1 to $2 lower than the prior week’s weighted averages. There’s only been a few dressed deals reported so far this week, in Nebraska at $290, about steady with the previous week’s weighted average basis. 

Boxed beef was lower at midday on light demand for moderate offerings.  Choice is $.16 lower at $327.89 and Select is down $1.64 at $295.54.  The Choice/Select spread is $32.35. 

At the Mitchell Livestock Auction in South Dakota, feeder steers sold on a very good, higher undertone with some very thin fleshed steers bringing top dollar.  Steers 1000 pounds and up were $2 higher.  Feeder heifers up to 850 pounds sold on a much higher undertone and heifers 850 to 1000 pounds were steady to $4 higher.  The USDA says demand was very good and many large load lots in the day’s offering.  Receipts were up on the week and the year.  Feeder supply included 53% steers and 94% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 856 pounds brought $269.50 and feeder steers 953 to 989 pounds brought $210.50 to $217.  Medium and Large 1 feeder heifers 801 to 841 pounds brought $211 to $220.60 and feeder heifers 907 to 942 pounds brought $188.50 to $207.50.

Cash hogs are sharply higher at midday with fairly light negotiated purchases.  Processors are starting the day more aggressive in their procurement effort as domestic demand could return to more normal levels following the holiday.  Demand for US pork on the global market has been relatively strong – and that is expected to continue.  The industry continues to monitor the availability of market-ready hogs.  And there’s still the unknown impact of Prop 12 in California on demand. Barrows and gilts at the National Daily Direct are $4.40 higher with a base range of $85 to $94 and a weighted average of $91.29 and the Eastern Corn Belt is $4.11 higher with a weighted average of $91.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $25 to $35.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are higher at midday – up $1.75 at $104.65.  Hams are sharply higher.  Picnics and loins are higher.  Ribs, butts, and bellies are all lower.