Market News

Midday cash livestock markets

It’s a quiet Friday for direct cash cattle business following the previous two days of light to moderate trade.  Northern dressed deals were marked at mostly $287 to $288, steady to $1 lower than the prior week’s weighted averages. Southern trade was at mostly $180, $2 lower than the prior week’s weighted averages.

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $.76 higher at $296.06 and Select is $.20 higher at $288.19.  The Choice/Select spread is $7.87.

At the Mitchell Livestock Auction in South Dakota, feeder steers 550 to 900 pounds were $3 to $5 higher.  Steers 900 pounds and up were steady to $3 lower.  Heifers were $2 to $5 lower.  The USDA says the quality was good for the Hereford-influenced sale.  Many heifers, purchased for replacements, brought top dollar.  Demand was also good.  Receipts were down on the year.  Feeder supply included 61% steers and 85% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 665 to 696 pounds brought $270 to $284 and feeder steers 754 to 780 pounds brought $252.50 to $264.50.  Medium and Large 1 feeder heifers 651 to 695 pounds brought $236 to $249 and feeder heifers 816 to 826 pounds brought $211.75 to $221.

Cash hogs are higher at midday with moderate negotiated purchases. Processors were a little more aggressive in their procurement efforts and have been bidding up to move needed numbers. It was a very strong week for export sales and shipments, with Mexico at the top of both lists.  Affirming demand for US pork on the global market is strong.  The industry continues to watch the availability of market-ready hogs – slaughter numbers have pulled back a little, which could indicate supplies are getting a little tighter. Barrows and gilts at the National Daily Direct are $1.18 higher with a base range of $64 to $71.50 and a weighted average of $69.50; the Iowa/Minnesota is $.37 higher with a weighted average of $69.65; the Western Corn Belt is $1.33 higher with a weighted average of $69.65.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets were $2 lower at $50. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $38 to $50.  Barrows and gilts were steady with moderate demand for moderate offerings at $37 to $47.  Boars ranged from $15 to $25 and $8 to $15.

Pork values were higher at midday – up $1.32 at $91.11.  Ribs and bellies were both sharply higher.  Hams and picnics were higher.  Butts and loins were lower.

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