Market News

Midday cash livestock markets

Direct cash cattle trade has been light this morning.  There are scattered bids ranging from $119 to $122 live and $192 to $193 dressed.  However – they are far from asking prices of $127 to $128 live and $195 to $200 dressed.  Trade activity will likely increase as the day progresses – but significant trade volume could be delayed until tomorrow.

Boxed beef is firm to higher at the midday with light to moderate box movement.   Choice up $.45 at $231.41 and Select up $.98 at $209.93.  The Choice/Select spread is $21.48.

At the Hub City Livestock Auction in South Dakota receipts were down on the week and the year.  Compared to last week’s auction steers 750 to 850 pounds were $3.00 to $4.00 lower and steers 851 to 950 pounds were mostly steady, feeder heifers 650 to 700 pounds were mostly steady, 701 to 800 pounds were $2.00 to $5.00 lower.  The USDA says there was good demand for the large offering.  Flesh ranged from moderate to moderate plus and quality ranged from average to attractive.  Feeder supply included 47 percent steers and 96 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 852 to 885 pounds were $131.00 to $136.50 and feeder steers 912 to 934 pounds were $122.50 to $131.00.  Medium and Large 1 feeder heifers 758 to 795 pounds were $128.50 to $136.00 and feeder heifers 957 to 989 pounds were $111.00 to $112.20.

Cash hogs are weak at the midday.  Market-ready numbers have been on the decline this week and it’s making buyers work harder to cover slaughter intentions.  If demand remains strong, and the reduction in supply remains steady, it could provide additional support to pork prices.  Saturday’s kill is estimated at 43,000 head.  Barrows and gilts at the Iowa/Southern Minnesota are $.15 lower with a range of $60.00 to $62.00 and a weighted average of $61.16; the Western Corn Belt is $.04 lower with a range of $60.00 to $62.00 and an average of $61.16; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.03 lower with a range of $60.00 to $62.00 and a weighted average of $60.70.

Butcher hogs at the Midwest cash markets are steady to $2.00 lower at $37.00 to $42.00.  At the Interior Missouri Direct, receipts are up on the week.  Barrows and gilts are steady to $2.00 higher on light to moderate supply and demand.  Sows are steady at $32.00 to $45.00.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $30.00 to $43.00 with moderate demand for heavy offerings.  Barrows and gilts are $1.00 higher at $37.00 to $42.00 with moderate demand for moderate offerings.

Pork values opened strong – up $1.23 at $73.27.  The primals are higher with the largest gains in the belly, the picnic, and the ribs.

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