Market News

Midday cash livestock markets

There is another light round of direct cash cattle trade activity underway.  Live deals in Texas are marked at $204, fully steady with this week’s business and $4 below the prior week’s weighted average basis. There was another round of direct cattle business that took place Thursday.  Dressed deals in the North were at mostly $328, several dollars below last week’s business which ranged from mostly $335 to the one Regional that paid $345. 

At the Mitchell Livestock Auction in South Dakota, the undertone on steers was unevenly steady and for heifers it was mostly lower.  However, heifers 900 to 950 pounds were $4 higher.  The USDA says quality was a little less than it was last week.  Demand was good.  Receipts were up on the week and the year.  Feeder supply included 52 percent steers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 760 to 799 pounds brought $294.50 to $300 and feeder steers 804 to 838 pounds brought $290 to $300.75.  Medium and Large 1 feeder heifers 767 to 787 pounds brought $272 to $284 and feeder heifers 810 to 830 pounds brought $263 to $277.50. 

Boxed beef was mixed at midday – with light to moderate demand for moderate offerings.  Choice is $.83 higher at $335.12 and Select was $.44 lower at $314.52.  The Choice/Select spread is $20.60. 

Cash hogs are lower at midday with moderate negotiated purchases.  Processors have been moving needed numbers this week without having to get aggressive in their procurement efforts. Demand for U.S. pork remains relatively strong, but there are ongoing concerns that an increasing trade rift with one the largest purchasers of U.S. pork could start to impact the market.  The industry is optimistic that domestic demand could see a boost as pork remains more competitively priced in the meat case, but that remains to be seen. Barrows and gilts at the National Daily Direct were $2.70 lower with a base range of $78 to $85 and a weighted average of $83.04.  Prices at the Regional Direct Markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $55.

Pork values were higher at midday – up $1.89 at $91.59.  Butts were sharply higher.  Ribs, bellies, loins, and picnics were all higher.  Hams were lower.