Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Sellers appear to be holding out for better money.  Asking prices have surfaced in the South at $228 live, but are unclear in the North.  Bids are at $220 live in the South and $345 dressed in the North.  There’s been a handful of trade reported in Nebraska at $350, but it hasn’t been enough to establish an accurate price trend of the week. 

Boxed beef was higher at midday with solid demand for solid offerings.  Choice was $1.97 higher at $378.09 and Select was $3.15 higher at $355.25.  The Choice/Select spread is $22.84. 

At the Mobridge Livestock Auction in South Dakota, it was the first reported sale of the fall.  The USDA says demand was good for the yearling offering.  There was a handful of loads of steers and many packages of tested open heifers, all coming off grass.  Quality varied, and flesh condition was light to moderate.  The market was active.  Receipts were up on the year.  Feeder supply included 38 percent steers with the entire offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 833 pounds brought $350.50 and feeder steers 955 to 974 pounds brought $342.50.  Medium and Large 1 feeder heifers 908 to 932 pounds brought $292.25 to $309 and feeder heifers 952 to 998 pounds brought $292.50 to $305. 

Cash hogs are firm at midday with a handful of negotiated purchases.  Processors continue to have leverage, which allows them to move needed numbers without having to get aggressive in their procurement efforts.  The industry continues to monitor available supplies with demand.  The Quarterly Hogs and Pigs report should be relatively supportive to prices. There have been some definitely bright spots when it comes to demand, but there are lingering concerns about long-term strength. Barrows and gilts at the National Daily Direct are $.18 higher with a base range of $78 to $84 and a weighted average of $79.19.  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 $53 to $63.  Boars ranged from $25 to $35 and $15 to $20. 

Pork values were lower at midday, down $.21 at $85.89.  Hams, butts, loins, picnics, and bellies were lower.  Ribs were higher.