Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet to start the day.  A few scattered bids have been reported in Nebraska at $112 live and $180 to $181 dressed.  Asking prices are around $114+ live in the South and $186+ dressed in the North.  Packer inquiry is expected to improve as the day progresses, but it is also possible significant trade volume will be delayed until the end of the week.  Today’s Fed Cattle Exchange had an offering of 326 head, all of which sold for a weighted average price of $111.  243 head were sold for 1 to 9-day delivery and 83 head sold for 1 to 17-day delivery. 

Boxed beef is weak at midday on moderate demand for moderate to heavy offerings.  Choice is $.49 lower at $212.44 and Select is $.79 lower at $188.37.  The Choice/Select spread is $24.07. 

At the Sioux Falls Regional Stockyards in South Dakota, receipts were down on the week and higher on the year.  This was the first sale in three weeks, so no comparison was available, but a much higher undertone for both steers and heifers were noted.  The USDA says demand was good to very good for the nice offering of yearling steers and heifers and there were several long-strings of yearling steers and heifers offered in full loads and multiple load lots.  Flesh condition ranged from light to heavy.  The market was very active on the light and moderate fleshed cattle, much slower on fleshy cattle.  Feeder supply included 44 percent steers and 97 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 769 to 770 pounds brought $155 to $157 and feeder steers 821 to 844 pounds brought $141 to $145.  Medium and Large 1 feeder heifers 80 to 843 pounds brought $129.50 to $137.50 and feeder heifers 910 to 937 pounds brought $120.25 to $121. 

Cash hogs opened mixed with moderate negotiated purchase numbers.  The availability of market-ready barrows and gilts is ample and with the large slaughter runs there is more pork being added to an already saturated market.  The demand picture remains mixed.  There are expectations that it will increase as China continues to battle African Swine Fever and their hog herd is reportedly on the decline.  However, the fact that demand increases have yet to be realized has the market struggling to move higher.  Weekly estimated average weights for barrows and gilts at the Iowa/Southern Minnesota are down slightly on the week to 280.0, but still up 3.5 pounds on the year.  Barrows and gilts at the Iowa/Southern Minnesota opened $.02 lower with a range of $58 to $73 for a weighted average of $70.59; the Western Corn Belt is $.24 lower with a range of $57 to $73 for a weighted average of $70.22; the Eastern Corn Belt opened $1.22 higher with a range of $67 to $70.50 for a weighted average of $68.68; and the National Daily Direct opened $.01 lower with a range of $57 to $73 for a weighted average of $69.32. 

Butcher hog prices at the Midwest cash markets are $2 lower at $48 in Dorchester, Wisconsin and Garnavillo, Iowa and are steady at $48 in Red Oak, Iowa.  At Illinois, slaughter sow prices were steady at $19 to $31 with moderate to good demand for moderate offerings.  Receipts were down on the week and the year.  Barrow and gilt prices were $1 higher at $40 to $49 with moderate demand for moderate offerings. 

Pork values are higher – up $1.26 at $77.06.  Picnics jumped $4.17 this morning.  Ribs, butts, and hams were all higher.  Loins were steady.  Bellies opened lower. 

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