Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids and asking prices have not resurfaced.  There was a handful of business that took place on Wednesday, but not enough to establish an accurate price trend.  Trade could hold out until late in the day, especially with Cattle on Feed numbers out this afternoon.   

Boxed beef was sharply lower and lower with light demand for fairly light offerings.  Choice was $3.79 lower at $386.14 and Select was $.33 lower at $363.41.  The Choice/Select spread is $22.73. 

At the Mitchell Livestock Auction in South Dakota, steers 900 to 949 pounds were $1 higher.  Steers weighing more than 1,000 pounds were lower.  The USDA says demand was good and the offering consisted of many large loads.  Receipts were up from the most recent sale.  Feeder supply included 63 percent steers with 98 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 922 to 945 pounds brought $315 to $336.75.  Medium and Large 1 feeder heifers 833 to 844 pounds brought $294 to $306.75. 

Cash hogs are higher at midday with moderate negotiated purchases.  Processors continue to have leverage and are moving needed numbers at their pace.  Demand is the primary driver for this market.  While there continues to be some definite bright spots, there are lingering concerns about long-term strength.  The industry is also monitoring availability of market-ready hogs and hog weights.  Barrows and gilts at the National Daily Direct are $1.83 higher with a base range of $87 to $95 and a weighted average of $94.58.  There was no comparison at the Eastern Corn Belt but a weighted average of $95.14.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sows were steady with moderate demand for light offerings at $43 to $55.  Barrows and gilts were steady with moderate demand for light offerings at $57 to $67.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values were sharply higher at midday, up $3.49 at $99.98.  Bellies jumped more than $12 to start the day.  Butts, picnics, ribs, hams, and loins were all up.