Market News

Midday cash livestock markets

Direct cash cattle trade activity is improving.  Bids have surfaced at $118 to $119 live and $186 dressed.  Asking prices are around $121 to $122 live in the South and $190 to $193 dressed in the North.  There were a handful of deals reported yesterday at $119 to $120 live, but it’s not near enough to establish a trend.  While we could start to see some business develop yet today, it’s very likely significant trade volume will be delayed until sometime on Friday. 

Boxed beef opened lower on light demand for moderate to heavy offerings.  Choice is $1.11 lower at $225.84 and Select is $1.32 lower at $208.99.  The Choice/Select spread is $165.85. 

At the Hub City Livestock Auction in South Dakota, compared to two weeks ago steer calves 500 to 550 pounds were $3 to $4 lower, steers 551 to 600 pounds were unevenly steady, steers 601 to 700 pounds were steady to $2 higher.  Heifer calves 450 to 550 pounds were mostly steady, 551 to 600 pounds were steady to $2 higher, and 601 to 650-pound heifers were mostly steady.  There was a lighter offering of yearlings with steady undertones noted.  The USDA says demand was good to very good for loads and packages of yearling steers and heifers on offer.  Demand for calves was moderate to good.  Receipts of 3,518 head are down on the week and the year.  Feeder supply included 53 percent steers and 65 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 558 to 592 pounds brought $149 to $160.50 and feeder steers 982 to 993 pounds brought $142 to $155.  Medium and Large 1 feeder heifers 556 to 598 pounds brought $128 to $140 and feeder heifers 879 to 890 pounds brought $131 to $138.   

Cash hogs opened firm with aggressive negotiated purchases.  Domestic demand for US pork has remained solid, but the industry continues to look for significantly higher demand for US pork on the global market.  Today’s export sales report had a solid showing for pork.  But the heavy supply situation continues to put a limit on the markets ability to keep this higher price run sustained.  Barrows and gilts at the Iowa/Southern Minnesota opened $.64 higher for a weighted average of $46.29; the Western Corn Belt is $.70 higher for an average of $46.29; the Eastern Corn Belt was not reported due to confidentiality; the National Daily Direct opened $.75 higher with a base range of $41 to $47.50 for an average of $46.43. 

Butcher hog prices in Dorchester, Wisconsin are $2 higher at $36.  Garnavillo, Iowa is closed today.  At Illinois, slaughter sow prices are $1 lower at $22 to $33 with moderate demand for very heavy offerings.  Receipts of 1,300 head were up sharply on the year.  Barrow and gilt prices were $1 to $2 higher at $26 to $32 with moderate demand for moderate offerings. 

Pork values are sharply higher at midday – up $2.32 at $83.32.  Bellies jumped $13.46 this morning.  Loins and Ribs are also sharply higher.  Butts, hams, and picnics are all sharply lower. 

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