Market News

Midday cash livestock markets

There’s another light round of direct cash cattle business underway.  Live deals in the South are marked at $235.  Asking prices are around $236-plus live in the South, but are still not fully established in the North.  Bids in the North are at $375 to $380 dressed.  There have been some scattered, light business that has taken place in the South this week from $228 to $240, mostly $235, which is $4 to $5 higher than the previous week’s weighted averages.

At the Hub City Livestock Auction, the best test on steers 1,000 to 1,099 pounds was $4 to $5 higher.  The best test on heifers, 900 to 949 pounds, were mostly steady, heifers 950 to 999 pounds were $2 to $3 lower, with instances of up to $7 lower.  The USDA says demand was very good for cattle.  There were several strings of backgrounded cattle and many packages of home-raised cattle on offer.  Flesh ranged from light to heavy for backgrounded cattle.  Quality varied, but there were many attractive cattle on offer.  The market was active.  Receipts were down from last week.  Feeder supply included 53 percent steers and 84 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 616 to 637 pounds brought $371 to $485 and feeder steers 962 to 977 pounds brought $294.50.  Medium and Large 1 feeder heifers 587 to 599 pounds brought $347 to $364 and feeder heifers 964 to 988 pounds brought $271 to $276.50. 

Boxed beef was sharply higher at midday with solid demand for light offerings.  Choice is $2.50 higher at $377.26 and Select is $2.98 higher at $363.73.  The Choice/Select spread is $13.53. 

Cash hogs were lower at midday with moderate negotiated purchases.  Processors are able to move numbers without having to get too aggressive in their procurement efforts. For the most part, global demand for U.S. pork has been strong, but it was an abysmal week for pork Export Sales with declines of more than 70 percent for the week.  China, unsurprisingly, remains the wild card. Domestic demand has seen a boost with the return of the summer grilling season. Barrows and gilts at the National Daily Direct are $1.96 lower with a base range of $99 to $110 and a weighted average of $105.19; the Iowa/Minnesota is $1.98 lower with a weighted average of $104.79; the Western Corn Belt is $1.73 lower with a weighted average of $105.94; no comparison at the Eastern Corn Belt but a weighted average of $102.92. 

Butcher hog prices at the Midwest cash markets are steady at $72. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $49 to $61.  Barrows and gilts were steady with moderate demand for moderate offerings at $60 to $70. Boars ranged from $25 to $35 and $18 to $25.

Pork values were sharply higher at midday, up $2.01 at $115.09.  All of the primals, except the picnics, were higher to sharply higher.  Picnics were lower.