Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another quiet start following the light round of business that took place Thursday.  Cattle on Feed numbers are out this afternoon so business could wait until very late in the day to develop.  Neither bids or asking prices have resurfaced.  The bulk of the week’s business so far has been at mostly $350 dressed, fully steady with the prior week’s weighted averages.   

Boxed beef was mixed at midday with light and solid offerings.  Choice was $.82 lower at $371.33 and Select was higher, up $1.82 at $353.70.  The Choice/Select spread is $17.63. 

At the Mitchell Livestock Auction in South Dakota, a higher undertone was noted on both steers and heifers, but no overall trend was available.  The USDA says demand was good.  The offering consisted of many large load lots of heavier feeders.  Receipts were down on the year.  Feeder supply included 49 percent steers with 88 percent of the offering weighing more than 600 pounds.  Medium and Large feeder steers 687 pounds brought $375 and feeder steers 955 to 985 pounds brought $299 to $344.75.  Medium and Large 1 feeder heifers 662 to 684 pounds brought $326 to $330 and feeder heifers 900 to 940 pounds brought $281.50 to $297. 

Cash hogs had no comparison at midday with really light negotiated purchases.  Processors likely have needed numbers on hand and aren’t forced to ramp up their procurement efforts. The industry has been largely focused on demand.  There have been some opportunities in both global and domestic markets, but there are lingering long-term concerns about strength.  The trade is also watching the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct have no comparison but a base range of $80 to $82 with a weighted average of $81.77.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were steady with moderate demand for light to moderate offerings at $43 to $55.  Barrows and gilts were steady with moderate demand for moderate offerings at $55 to $65.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values were lower at midday, down $.86 at $86.68.  Hams and butts were sharply lower.  Picnics were down. Bellies and ribs were up and loins were firm.