Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids are elusive.  Asking prices are around $184 to $185 live in the South, while still not established in the North.   Some business may develop before the end of the day.  But, significant trade volume is likely going to hold out until sometime Thursday or Friday. 

Boxed beef is lower at midday on light demand for solid offerings.  Choice is $.23 lower at $297.79 and Select is $.74 lower at $291.90.  The Choice/Select spread is $5.89

At the Philip Livestock Auction in South Dakota, it’s been a month since the most recent sale, so no comparisons were available.  The USDA says demand was good for several strings, load lots, and many packages of feeder steers and feeder heifers.  All of which sold on a moderate to active market.  The entire supply was home-raised, weaned, and fully vaccinated with most of the offering carrying light to moderate flesh and suitable for grass.  The heavier weight, moderate to moderate plus fleshed cattle were headed for the feedyard.  Receipts were up from the most recent sale and down on the year.  Feeder supply included 54% steers and 63% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 567 to 572 pounds brought $323 to $336 and feeder steers 685 to 698 pounds brought $284.50 to $290.50.  Medium and Large 1 feeder heifers 528 to 535 pounds brought $301 to $306 and feeder heifers 869 to 885 pounds brought $211 to $225. 

Cash hogs are higher at midday with solid negotiated purchases.  Demand remains a bright spot for the hog market.  Processors were a little more aggressive in their procurement efforts and bid up to move needed numbers.  Slaughter pace has been strong, signaling numbers are needed.  U.S. pork has been in high demand on the global market and domestically is seeing some strength as summer grilling season is just around the corner.  The industry continues to eye the availability of market-ready hogs and hog weights, which by the way, held steady this week, but are still a pound heavier than year-ago levels. Barrows and gilts at the National Daily Direct are $2.31 higher with a base range of $84 to $92 and a weighted average of $88.45; the Iowa/Minnesota and a weighted average of $89.93; the Western Corn Belt had a weighted average of $89.10.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $52. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boras ranged from $18 to $28 and $8 to $15. 

Pork values were firm at midday – up $.16 at $99.71.  Loins, butts, and picnics were higher.  Hams, bellies, and ribs were lower.

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