Market News

Midday cash livestock markets

Direct cash cattle markets are quiet after Thursday’s mostly moderate business. Trade was down mostly $2 from last week, primarily at $117 to $118 on the live basis in the South and $188 to $189 dressed in the North. Packer margins are still good, but not as good as in previous weeks following the drop in the wholesale market. Asking prices for what’s left on the showlist are around $120 live and $190+ dressed with bids in Nebraska at $119 live and $188 dressed. Today’s business is expected to be limited to clean-up trade, if anything.

Boxed beef at midday was lower. Choice was down $1.07 at $218.98 and Select was $.20 lower at $203.56.

At the Mitchell Livestock Auction feeder cattle sale in South Dakota Thursday, feeder steers weighing 950 to 1,000 pounds were $7 to $10 higher and 1,000 to 1,150 pounds were $2 to $5 higher. Feeder heifers weighing 850 to 900 pounds had a firm undertone. All other weight classes of steers and heifers didn’t have enough of a test for an accurate comparison. The USDA says demand was good and most of the offering was backgrounded steers in load lots, allowing buyers to get similar types of cattle. Flesh condition was moderate. Steers made up 83% of the run and 99% of the total offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 920 to 999 ranged from $133 to $144 and Large 1 steers at 1,000 to 1,099 pounds brought $133 to $144. 740 to 785 Medium and Large 1 feeder heifers sold at $140 to $143 and 837 to 8470 pounders were reported at $132 to $137.75.

Cash hogs are steady to lower in the early stages of the day’s trade. Market ready numbers should stay relatively tight over the near term, but expansion will start at some point. Saturday’s kill is expected to be around 190,000 head, pretty small following a holiday, but that’s more of a function of available supply than packer demand. Negotiated purchases at the major direct markets were light.

Iowa/Southern Minnesota direct barrows and gilts opened $2.81 lower at $83 to $87.50 for a weighted average of $85.25, the Western Cornbelt is down $3.18 at $82 to $87.50 with an average of $84.79, and national direct business is $1.26 lower at $82 to $87.50 for an average of $85.44. Butcher hogs at the Midwest cash markets are steady at $60. Missouri direct butcher trade is steady to $1 lower at $81 on light to moderate supply and demand. Sows are steady at $40 to $57. Illinois Direct sows are firm at $50 to $63 with very good demand for moderate to heavy offerings. Barrows and gilts are steady at $57 to $62 on good demand for moderate offerings. Boars range from $10 to $45.

Pork at midday was up $.92 at $104.76. Butts were weak and picnics and ribs were down sharply, while loins and hams were up and bellies gained $4.95.