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Midday cash livestock markets

A light to moderate direct cash cattle trade has been reported across much of cattle country.  Southern live deals are at $120, that’s from $5 to $10 higher than the trade that had developed earlier in the week and $20 higher than last week’s weighted average basis in Texas.  There’s been a handful of dressed deals reported in Nebraska at $182.  Asking prices for cattle left on showlists are at $120-plus live and $185 dressed.  Look for more business to trickle in over the balance of the day. 

Boxed beef prices continue their slide as they opened sharply lower on light demand for moderate offerings.  Choice is $14.12 lower at $436.80 and Select is $13.28 lower at $424.12.  The Choice/Select spread is $12.68. 

At the Mitchell Livestock Auction in South Dakota, compared to last week a lower undertone was noted on light steers up to 700 pounds.  Steers 701 to 1000 pounds were steady, steers 1000 pounds and over were $2 to $4 lower.  The light test of heifers up to 650 pounds sold steady to higher and heifers 650 to 1000 pounds were $2 to $4 higher.  The USDA says demand was good and there were many load lots in the day’s offering.  Receipts were down on the week, but up on the year.  Feeder supply included 41 percent steers and 91 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 814 to 844 pounds brought $127.75 to $131 and feeder steers 951 to 997 pounds brought $110.50 to $117.50.  Medium and Large 1 feeder heifers 803 to 846 pounds brought $114.50 to $118.25 and feeder heifers 900 to 930 pounds brought $108.25 to $117.50. 

Cash hogs opened steady to firm with strong negotiated numbers at midday.  Slaughter capacity is slowly creeping back toward pre-COVID-19 levels, but there’s still a long way to go.  Buyers continue to balance the availability of market-ready hogs with the available shackle-space as many facilities are still operating at reduced speeds.  Despite this week’s sluggish export sales report, the industry continues to remain optimistic about the global protein market.  Global pork supplies remain short and the US could remain well-positioned to help meet the world’s pork and protein needs.  Barrows and gilts at the National Daily Direct opened $.05 higher with a base range of $35 to $39 for a weighted average of $37.11; the Iowa/Minnesota opened $.49 higher for a weighted average of $36.90; the Western Corn Belt opened $.49 higher for a weighted average of $36.90; and the Eastern Corn Belt was not reported due to confidentiality. 

The Midwest cash markets are closed today. 

At Illinois, slaughter sow prices were steady with moderate to good demand for moderate to heavy offerings at $7 to $20.  Barrow and gilt prices were steady with moderate demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values opened higher – up $4.76 at $118.55.  Hams jumped $17.23.  Loins were higher and ribs and bellies were firm.  Butts and picnics were lower.