Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to develop.  Dressed deals in the North have been reported at $380, about $3 below the previous week’s weighted averages.  Bids have been floated in other parts of cattle country at $235 and $240 live.  Look for business to pick up as the day progresses. 

At the Mitchell Livestock Auction in South Dakota, feeder steers 700 pounds and up were unevenly steady.  Feeder heifers 650 to 850 pounds were $2 to $7 lower.  The USDA says demand was good.  There were a few load lots offered.  Receipts were down on the week and the year.  Feeder supply included 36 percent steers with 94 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 607 to 639 pounds brought $431 to $446 and feeder steers 863 to 885 pounds brought $345 to $355.75.  Medium and Large 1 feeder heifers 650 to 698 pounds brought $363 to $386 and feeder heifers 750 to 795 pounds brought $327 to $340. 

Boxed beef was mixed with moderate and light demand for fairly light offerings. Choice was $.18 higher at $387.07 and Select was $.54 lower at $380.07.  The Choice/Select spread is $7. 

Cash hog prices had no comparison, there were moderate negotiated purchases reported.  Processors were more aggressive in their procurement efforts to start the week and moved decent negotiated numbers.   There are plentiful supplies of market-ready hogs and hog weights have been running well above year-ago levels.  Both contribute to rising pork supplies.  That said, demand remains crucial.  Global demand for US pork has been relatively strong, but there are lingering concerns about its long-term strength.  Pork has been a competitively priced protein in the retail space, which could provide a boost to domestic demand.  Barrows and Gilts at the National Daily Direct had a base range of $90 to $91 and a weighted average of $90.33.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were $4 lower at $66 in Dorchester, Wisconsin. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $60 to $72.  Barrows and gilts were steady with moderate demand for moderate offering at $45 to $55.  Boars ranged from $8 to $15 and $5 to $8.

Pork values were lower, down $.44 at $98.78.  Loins, butts, and hams were sharply lower.  Picnics, ribs, and bellies were all higher.