Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start after the back-to-back days  of light business.  Asking prices for what’s left on showlists are around $187-plus live in the South and $307-plus dressed in the North.  Deals this week have been marked at mostly $186, $2 lower than the previous week’s weighted averages.  Dressed business in the North has been at mostly $305 to $306, $4 to $5 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.43 higher at $313.55 and Select is $.84 higher at $298.87.  The Choice/Select spread is $14.68. 

At the Mitchell Livestock Auction in South Dakota, a comparable trend wasn’t available, but lower undertones were noted.  Feeder steers 1050 to 1100 pounds were $10 lower.  There was also a lower undertone noted on light heifers and heifers 900 to 1000 pounds were $7 lower.  The UDSA says demand was good and most of the offering was in large load lots.  Receipts were up on the week and down on the year.  Feeder supply included 75% steers and 99% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 903 pounds brought $228 and feeder steers 952 to 986 pounds brought $221 to $227.50.  Medium and Large 1 feeder heifers 926 to 937 pounds brought $212.50 to $213 and feeder steers 952 to 974 pounds brought $204 to $215.75. 

Cash hogs are lower at midday with light negotiated purchases.  Processors likely have needed numbers on hand and won’t be too motivated to bid up to move larger numbers.  Supplies of market-ready hogs are ample.  Demand for U.S. pork on the global market continues to be a bright spot for the industry, but the long-term concern surrounding domestic demand lingers. Barrows and gilts at the National Daily Direct are $1.14 lower with a base range of $83 to $86 and a weighted average of $83.80 and the Western Corn Belt was $2.14 lower with a weighted average of $83.73.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady in Dorchester, Wisconsin at $58 and $11 higher in Garnavillo, Iowa at $69.  Red Oak, Iowa is steady at $56. 

Pork values were higher at midday – up $1.05 at $99.38.  Hams and picnics were both sharply higher.  Butts, ribs, and bellies were also higher.  Loins were lower.