Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to pick up.  A few more deals have been reported in the South, fully steady with the week’s previous business and last week.  More bids have surfaced, those are at $248 live in the South and $388 dressed in the North.  But, asking prices haven’t resurfaced.  With Cattle on Feed numbers released tomorrow, significant trade volume could hold out until then.  There was another round of light trade in the South, marked at $248 live.  A handful of dressed deals in Nebraska were at $388 dressed.

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $.56 higher at $382.54 and Select is $.46 higher at $379.04.  The Choice/Select spread is $3.50. 

At the Hub City Livestock Auction in South Dakota, steers 700 to 749 pounds and 900 to 949 pounds were $4 to $10 higher.  Steers 800 to 899 pounds and 950 to 999 pounds were mostly steady, steers 750 to 799 pounds were not well compared.  The best test on heifers 700 to 749 pounds were mostly steady and heifers 750 to 799 pounds were $6 to $9 higher.  The USDA says many animals were sold in loads and strings.  Demand was very good for all classes of cattle.  Flesh conditions varied, from light to heavy.  There were many attractive cattle on offer again, including several loads of replacements heading back to operations.  The market was active.  Receipts were up on the week and the year.  Feeder supply included 67 percent steers and 95 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 607 to 643 pounds brought $460 to $490 and feeder steers 900 to 948 pounds brought $347 to $368.50.  Medium and Large 1 feeder heifers 659 to 694 pounds brought $387.50 to $414 and feeder heifers 750 to 790 pounds brought $357 to $379. 

Cash hog prices were not reported at midday, there were just a handful of negotiated purchases.  Processors had a couple of back-to-back days of solid business at higher prices, but overall it has been inconsistent.  There have been some bright spots when it comes demand for US pork on the global market, but long-term concerns linger.  Export sales for pork were up on the week, but down from the prior 4-week average.  Mexico continues to be a leading buyer of US pork.  We’re heading into summer grilling season and that could help provide some support to the domestic market, especially as pork remains a competitively priced protein in the retail space.  The industry continues to monitor the availability of market-ready hogs and hog weights, which increased slightly this week. The five-day rolling average for barrows and gilts at the National Daily Direct is $90.85.  It’s $90.35 for the Iowa/Minnesota and $91.28 for the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets are $4 lower at $60. At Illinois, slaughter sows were steady with moderate demand for moderate offerings at $47 to $58.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $8 to $15 and $5 to $8. 

Pork values were higher at midday, up $1.90 at $97.04.  Bellies jumped more than $10 to start the day.  Ribs and hams were both sharply higher.  Loins were up.  Picnics and butts were sharply lower.