Market News

Midday cash livestock markets

Direct cash cattle trade activity is picking up.  Bids have surfaced at $182 to $185 live in the South.  In Nebraska bids are at $298 dressed and $187 live.  Asking prices are around $187-plus live in the South and $300 dressed in the North.  A handful of deals have been reported this week, but not near enough to establish an accurate price trend.  Look for business to develop before the end of the day. 

Boxed beef is higher at midday, with solid demand for moderate offerings.  Choice is $3.38 higher at $313.53 and Select is $1.58 higher at $298.09.  The Choice/Select spread is $15.44. 

At the Farmers and Ranchers Livestock Commission in Kansas, steers under 800 pounds were not well tested.  Feeder steers over 800 pounds were $4 to $6 higher.  Heifers were mostly $2 to $4 higher.  The USDA says receipts were moderate and demand was good.  Receipts were down on the week and up on the year.  Feeder supply included 52% steers and 78% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 853 to 889 pounds brought $238.25 to $249 and feeder steers 906 to 920 pounds brought $228.25 to $243.60.  Medium and Large 1 feeder heifers 759 to 797 pounds brought $224 to $241 and feeder heifers 801 to 840 pounds brought $217 to $228.85. 

Cash hogs are lower at midday with fairly light negotiated purchases. Fridays have been notoriously slow for the cash hog market recently. There hasn’t been much interest in late-week business as processors have typically been more aggressive in their procurement efforts earlier in the week.  Export Sales for pork last week sank to a marketing-year low.  However, demand, overall, has been strong for US pork on the global market and domestically.  Both are overall supportive to prices.  Hog weights pulled back slightly this week but are still running well above last year.  And the industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $.58 lower with a base range of $88 to $90 and a weighted average of $88.78.  Prices at the Regional Direct Markets were not reported due to confidentiality.  The 5-day rolling average for the Iowa/Minnesota is $90.23, in Western Corn Belt is $89.13; the Eastern Corn Belt is $88.59. 

Butcher hog prices at the Midwest cash markets are steady at $50. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $35 to $47.  Barrows at gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were $.22 higher at $100.49.  Bellies, butts, picnics, and ribs were all higher.  Hams and loins were lower.

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