Market News

Midday cash livestock markets

Direct cash cattle trade activity remains relatively quiet.  Bids have surfaced at $290 to $291 dressed.  Asking prices are around $294 dressed in the North and $188 live in the South.  It looks like buyers and sellers are in a standoff and business could hold out until late in the day Friday.  There’s been a little bit of business take place over the course of the week, but not near enough to establish a trend.

Boxed beef was mixed at midday on light to moderate demand for heavy offerings.  Choice is $1.71 higher at $303.89 and Select is $5.02 lower at $273.53.  The Choice/Select spread is $30.36. 

At the Hub City Livestock Auction in South Dakota, the best test was on steer calves 500 to 549 pounds which were $2 to $4 lower, and heifer calves 400 to 449 pounds were mostly steady.  There was moderate to good demand for yearlings.  Many packages and a handful of loads made up the yearling offering, which included several coming off grass.  Quality was mostly plain for yearlings.  Demand for calves was moderate to good, but that was largely dependent on hide color and vaccinations.  Most calves were in light to moderate flesh.  The market was moderate to active for both yearlings and calves.  Receipts were down on the week and the year.  Feeder supply included 63% steers and 56% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 507 to 547 pounds brought $275.50 to $295 and feeder steers 602 to 645 pounds brought $265 to $278.50.  Medium and Large 1 feeder heifers 905 to 924 pounds brought $220.50 to $228. 

Cash hogs were mixed at midday with fairly light negotiated purchases.  Processors continue to move needed numbers without having to get aggressive in their procurement efforts.  Packers have the upper hand as supplies of market-ready hogs in the near term are more than ample.  Another solid run is expected today as processors try to wrap up their procurement needs.  Demand for US pork has remained relatively strong on the global market, supported by another solid week of export sales.  That has helped prices some, but the long-term demand uncertainty keeps the market consistently inconsistent. Barrows and gilts at the National Daily Direct are $.61 lower with a base range of $65 to $72 and a weighted average of $69.82 and the Western Corn Belt was $1.17 higher with a weighted average of $69.43. 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 $55 in Dorchester, Wisconsin and $1 lower in Red Oak, Iowa at $47. At Illinois, slaughter sow prices were $3 higher with moderate demand for moderate to heavy offerings at $35 to $47.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $50.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values are higher at midday – up $1.13 at $87.63.  Butts, hams, bellies, and loins were all higher.  Picnics and ribs were sharply lower.