Market News

Midday cash livestock markets

There was another round of light direct cattle business that is underway.  Live deals in Kansas are at $230, that’s well above Wednesday’s business and $8 higher than the prior week’s weighted averages.  Bids are at $235 and $228 to $230 live, depending on the area.  Asking prices are at $230-plus live in the South and $380-plus dressed in the North. There was a light round of direct cash cattle business on Wednesday.  Live deals in the South were at $225 to $228, that’s $3 to $6 higher than the previous week’s weighted average basis. 

At the Hub City Livestock auction in South Dakota, the best test on steers was 750 to 799 pounds and 850 to 899 pounds were $4 to $6 higher, 950 to 999 pounds were $5 to $10 higher with instances of up to $20 higher.  The best test on heifers was 750 to 899 pounds were $2 higher.  The USDA says the offering was very large, there were many loads and strings of finishing type cattle, all of which were met with good to very good demand, depending on flesh conditions. The market was active with many buyers and feeders in house.  Receipts were up on the week and the year.  Feeder supply included 55 percent steers and 96 percent of the offering as more than 600 pounds.  Medium and Large 1 feeder steers 851 to 891 pounds brought $293 to $312.50 and feeder steers 953 to 998 pounds brought $278.75 to $302.  Medium and Large 1 feeder heifers 801 to 849 pounds brought $293.25 to $299.50 and feeder heifers 951 to 981 pounds brought $260 to $284. 

Boxed beef was mixed at midday with light to moderate demand for light offerings. Choice was $2.39 higher at $367.55 and Select was $.74 lower at $355.98.  The Choice/Select spread was $11.57. 

Cash hogs are mixed at midday.  Processors aren’t in a position where they need to get too aggressive in their procurement efforts to move numbers. Demand continues to be overall supportive to the market.  Global demand for U.S. pork has been strong, including another solid week for export sales as China returned to the purchaser’s list.  The industry remains optimistic that domestic demand will find some additional growth with the return of the summer grilling season. Barrows and gilts at the National Daily Direct are $2.74 lower with a base range of $95 to $103 and a weighted average of $99.62.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at midday at $69. At Illinois, slaughter sow prices were $2 higher with moderate demand for heavy offerings at $49 to $61.  Barrows and gilts were $3 higher with moderate demand for moderate offerings at $57 to $67.  Boars ranged from $25 to $35 and $18 to $25.

Pork values were higher at midday – up $.87 at $107.49.  Bellies and picnics were both sharply higher.  Loins and butts were also higher.  While ribs and hams were lower and sharply lower.