Market News

Midday cash livestock markets

Direct cash cattle trade activity is picking up around midday.  Bids have surfaced at $174 live in the South.  Asking prices are around $176-plus live in the South and $276-plus dressed in the North.  We could see some business develop as the day progresses. 

Boxed beef is lower at midday on light demand for solid offerings.  Choice is $1.12 lower at $300.54 and Select is $1.54 lower at $286.84.  The Choice/Select spread is $13.70.

At the Philip Livestock Auction in South Dakota, there was very good demand for many long strings, load lots, and packages of feeder steers and feeder heifers, all of which sold on a very active market.  Nearly the entire offering was home-raised, weaned, had both spring and fall vaccinations, and carried light to moderate flesh.  Most of the offering was attractive, despite recent weather.  Receipts were up on the year.  Feeder supply included 61% steers and 86% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 656 to 688 pounds brought $260.50 to $280 and feeder steers 701 to 741 pounds brought $243.50 to $256.  Medium and Large 1 feeder heifers 611 to 645 pounds brought $248.50 to $268 and feeder heifers 806 to 822 pounds brought $222.50. 

Cash hogs are sharply higher at midday with very light negotiated purchases. Processors might not have moved a lot of hogs in the first half of the day, but they had to get aggressive in their procurement efforts to get them moved.  Demand has been strong on the global market for U.S. pork.  One area to watch is China and Hong Kong as China continues to face some production challenges and there has been significant culling in the herd in Hong Kong because of African swine fever.  Supplies of market-ready hogs are ample and hog weights continue to push higher, both add more pork to the market.  Hog weights are up again this week, to 292.1 pounds, that’s .8 pounds heavier than last week and 3 pounds above year-ago weights. Barrows and gilts at the National Daily Direct are $3.94 higher with a base range of $43 to $55 and a weighted average of $51.35.  Prices at the Regional Direct Markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $39. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $23 to $35.  Barrows and gilts were steady, with moderate demand for moderate offerings at $24 to $34.  Boars ranged from $10 to $20 and $5 to $10.

Pork values are higher at midday – up $2.19 at $90.22.  Bellies are sharply higher.  Butts, hams, and loins are also higher.  Ribs and picnics are lower.