Market News

Midday cash livestock markets

A scattered, light round of direct cash cattle business is underway in the South.  Live deals are $1 higher than last week’s weighted averages at $187.  Some bids have surfaced in other areas at $300 to $302.  But those bids are still well below the current asking prices of $188 to $190 live in the South and $305 dressed in the North.  While business is underway, it could be late in the day on Friday before any significant volume of trade develops.

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $2.50 lower at $309.67 and Select is $1.35 higher at $300.96.  The Choice/Select spread is $8.71. 

At the Bloomfield Livestock Market in Iowa, steers were $6 to $24 higher.  Heifers were mostly steady to sharply higher on a light test.  The UDSA says there were several groups of quality yearling cattle on offer.  Supply was moderate and included several load lots.  Demand was very good. Receipts were down from two weeks ago and on the year.  Feeder supply included 63% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $290 to $315 and feeder steers 868 to 895 pounds brought $252.50 to $254.85.  Medium and Large 1 feeder heifers 553 to 587 pounds brought $291 to $306.50 and feeder heifers 630 to 633 pounds brought $270 to $303. 

Cash hog prices were not reported due to confidentiality with very light negotiated purchases. The long holiday weekend is also a likely contributor to the less-than-stellar business this week.  The production efficiency in the industry can limit price gains.  With higher hog weights and ample supply of market-ready hogs, processors aren’t forced to work as hard to move needed numbers.  Demand for U.S. pork remains solid on the global market, which was confirmed by another strong week for export sales.  Domestic demand is also seeing some strength.  Both help provide some price support. The five-day rolling average for barrows and gilts at the National Daily Direct is $87.97, and the rolling average at the Western Corn Belt is $87.95.

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $35 to $47.  Barrows and 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 lower at midday – down $.51 at $99.56.  Bellies were sharply lower.  Picnics and hams were lower.  Butts, loins, and ribs were higher and sharply higher.