Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start to the week.  Bids and asking prices have yet to surface. It’s likely significant trade volume is going to hold out until midweek or later.  There was a light to moderate trade that took place on Thursday, with a little cleanup business on Friday.  Dressed business in the North had a wide range from $298 to $310, mostly $302, which was $4 higher than the previous week’s weighted averages.  Live deals in the South ranged from $186 to $190, mostly $188, $2 higher than the prior week’s weighted averages. 

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $.29 higher at $311.01 and Select was $.57 higher at $302.04.  The Choice/Select spread is $8.97.   

In Iowa last week, steers under 500 pounds were sharply higher, 5-weights were $10 higher, 6-weights were $4 lower, and steers over 700 pounds were steady to $2 higher.  Heifers under 600 pounds were sharply higher, heifers 600 to 800 pounds were $5 to $7 lower, and heifers over 800 pounds were $8 higher.  The USDA says demand was good to very good for all offerings.  There were reports of several bawling and weaned fall calves at markets, along with longtime weaned cattle.  Receipts were up significantly on the week and up on the year.  Feeder supply included 53% steers and 67% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $282.50 to $332 and feeder steers 850 to 889 pounds brought $220 to $250.50.  Medium and Large 1 feeder heifers 600 to 648 pounds brought $255 to $281 and feeder heifers 700 to 747 pounds brought $226 to $272.50. 

Cash hog prices were not reported at midday due to confidentiality.  While the week may be off to a slow start, the cash hog market has found a little support recently and prices have reflected that.  Processors generally have been more aggressive in their procurement efforts and have been bidding up to move needed numbers.  Demand has been a crucial component to that.  US pork is seeing solid demand on the global market and finding some strength domestically.  All eyes will be on Thursday’s Quarterly Hogs and Pigs report.  But the industry continues to monitor available supplies of market-ready hogs and hog weights. 

Butcher hog prices at the Midwest cash markets were steady at $60. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $50 to $62.  Barrows and gilts were steady with moderate demand for moderate offerings at $43 to $53.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values were higher at midday – up $2.27 at $95.65.  Bellies were up more than $11 at midday.  Picnics, butts, and ribs were also higher.  Loins and hams were lower.