Market News

Midday cash livestock markets

Another quiet start for direct cash cattle business.  Bids and asking prices have yet to be established.   Showlists are higher across all major feeding areas. Packer inquiry is expected to improve as the day progresses.  However, significant trade volume will likely be delayed until Thursday or later. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $2.08 higher at $330.42 and Select is $.44 lower at $293.86.  The Choice/Select spread is $36.56. 

There are limited sales this week due to the July 4^th holiday.  In South Dakota last week, there were lighter offerings of feeder cattle again, with steady to higher undertones noted for steers and heifers.  The USDA says demand was very good for all weights of steers and heifers.  The market remains active, but sporadic.  Grass conditions vary across the state, West River is better and cattle can stay turned out, but East River is much drier as rains have been elusive.  Receipts were up on the week and the year.  Medium and Large 1 feeder steers 679 to 696 pounds brought $247 to $271.50 and feeder steers 953 to 992 pounds brought $210.50 to $217.  Medium and Large 1 feeder heifers 656 to 697 pounds brought $226 to $248 and feeder heifers 801 to 846 pounds brought $206 to $220.60. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors are starting the day more aggressive in their procurement efforts and bidding up to move needed numbers.  That doesn’t come as a huge surprise following Monday’s business and the Tuesday holiday.  Demand for US pork has remained relatively strong on the global market, and that is expected to continue.  Domestic demand has also been strong, both provide at least some price support. Barrows and gilts at the National Daily Direct are $4.29 higher with a base range of $94 to $100 and a weighted average of $98.49, there is no comparison at the Western Corn Belt, but a weighted average of $97.94.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $68. At Illinois, slaughter sow prices were $3 higher with moderate demand for heavy offerings at $28 to $39.  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 $2.85 at $110.85.  Bellies are more than $13 higher to start the day.  Hams, ribs, butts, and picnics were all higher.  Loins were lower.