Market News

Midday cash livestock markets

Direct cash cattle markets are quiet and the big feature today should be the distribution of this week’s showlist. Initial expectations are for the offering to be steady to a little bit larger, overall. Last week’s business was mainly at $117 to $118 on the live basis in the South, about $2 lower than the previous week, and at mostly $188 dressed in the North, also down around $2. DTN says some dressed trade in Nebraska Friday was as high as $190. Asking prices this week are not well defined, but should start out around $122 on the live basis in the South and $190+ dressed in the North. Widespread business will probably wait until Thursday or Friday, but buying interest could be sparked by a solid week for the Fed Cattle Exchange on Wednesday.

Boxed beef at midday was mixed, with Choice down $1.13 at $217.71 and Select up $.57 at $203.08.

Last week in South Dakota, feeder cattle receipts were 7,601 head, compared to 5,745 the previous week and 9,511 a year ago. The USDA says the best comparisons were on feeder steers weighing 850 to 900 pounds, $5 lower, steers weighing 900 to 1,000 pounds, $2 higher, and 1,000 to 1,050 pounders, sharply higher, along with feeder heifers weighing 950 to 1,000 pounds, which were also sharply higher. Demand was reported as good to very good with a number of long strings on offer, with varied flesh conditions, ranging from light to fleshed out. Medium and large 1 feeder steers weighing 700 to 800 pounds had a weighted average of $158.09, compared to $148.21 a year ago, and 800 to 900 pounders averaged $144.20, compared to $144.67 last year. 700 to 800 pound feeder heifers had an average of $144.67, compared to $139.52 a year ago, and 800 to 900 pound heifers averaged $134.63, compared to $134.23 last year.

Cash hogs are mostly steady to firm. Business is expected to start the week off with support from solid margins, tighter market ready numbers, and seasonal pork demand. Support could also come from last week’s holiday shortened schedule. Still, seasonal trends do shift, with wholesale pork trade hitting a new high for the year last week and an expansion of market ready numbers expected to start in the new few weeks.

Iowa/Southern Minnesota direct barrows and gilts opened $.25 higher at $82 to $88 for a weighted average of $87.68 and the Western Cornbelt is up $.30 at $82 to $88 with an average of $87.61, but national direct business is down $.17 at $82 to $88 for an average of $86.14. Butcher hogs at the Midwest cash markets are steady at $57 to $65. Missouri direct butchers are steady to $1 higher at $81 to $82 on light to moderate supply and demand. Sows are steady to $6 higher at $45 to $57. Illinois direct sows are $2 higher at $53 to $65 on 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 $.84 lower at $104.12. All the primals were weak to sharply lower, including a $5.57 drop in ribs.