Market News

Midday cash livestock markets

Cash cattle country is off to a slow start Friday with no bids renewed. Asking prices in the south are around $184 to $185, but still not fully established in the north. While packer inquiry could improve over the next few hours, it’s possible that significant trade volume could be delayed until after the release of the Cattle on Feed Report this afternoon. The USDA’s report is out at 3 Eastern/2 Central. Ahead of the report, analysts, on average, expect a slight increase in the total number of cattle on feed, against declines in placements and marketings.

Boxed beef was higher at midday with Choice up $1.11 at $300.67 and Select was $1.33 higher at $289.59. The Choice/Select spread was $11.08.

At the Mobridge Livestock Exchange in South Dakota on Thursday, a trend couldn’t be established due to the most recent sale occurring three weeks ago. USDA says the sale had good to very good demand for a large offering of yearlings. It was an active market with a good crowd of buyers and consignors in the seats. Feeder supply included 62% steers and 100% of the offering was over 600 pounds. Medium and Large 1 feeder steers 802 to 811 pounds brought $265.50 and feeder steers 905 to 943 pounds sold for $243 to $246.75. Medium and Large 1 feeder heifers 851 to 888 pounds brought $230 to $234 and feeder heifers 953 to 995 pounds sold for $222 to $228.

Cash hogs are higher with moderate opening negotiated numbers at the major direct markets. After what was a generally less than aggressive week, it looks like some buyers are still in need of near-term supplies. Market ready numbers remain ample with the USDA’s quarterly inventory report out on Thursday, the 26th. Export demand continues to be solid, canceling out some of the concerns about the up-and-down activity in the wholesale market.

Barrows and gilts at the National Daily Direct were up $2.14 with a base range of $75 to $80 and weighted average of $78.45. The Iowa/Minnesota, Western Corn Belt, and Eastern Corn Belt were not reported due to confidentiality. The Iowa/Minnesota and Western Corn Belt each have a five-day rolling average of $76.57.

Pork values were lower at midday – down $.31 at $94.50. Picnics and loins were higher. Bellies, hams, ribs, and buts were lower.