Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet today following the business that developed earlier in the week.  Light to moderate rounds of trade developed on both Wednesday and Thursday.  Yesterday deals were mostly in the North at $198 to $199 dressed, steady to $1 lower than last week’s weighted average basis.  There was some cleanup business in the South reported at $124, fully steady with last week and Wednesday business.  Cattle left on showlists are priced at $125 to $126 live in the South and $202 dressed in the North. 

Boxed beef opened weak to lower on moderate demand and offerings.  Choice is $.54 lower at $214.78 and Select opened $.76 lower at $210.44. 

At the Mitchell Livestock Auction in South Dakota, feeder steers up to 700 pounds were steady to $1 higher and steers over 700 pounds sold steady to $4 lower.  Feeder heifers up to 800 pounds sold steady to $1 higher and feeder heifers over 800 pounds sold unevenly steady.  The USDA says demand was good.  Receipts of 6,303 head – up on the week and the year.  Feeder supply included 50 percent steers and 81 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 652 to 696 pounds brought $153 to $162.75 and feeder steers 700 to 748 pounds brought $144 to $155.  Medium and Large 1 feeder heifers 600 to 648 pounds brought $137.25 to $148 and feeder heifers 702 to 743 pounds brought $138.25 to $143.25. 

Cash hogs opened firm to sharply higher.  This week’s export sales report showed some promise with more than 30,000 tons of U.S. pork sold during the second full week of January, and a third of that went to Mexico.  Purchases by China continue to fall short of expectations, but actual shipments did show some strength.  The market will continue to watch trade reports to see if significantly more pork is headed on to the global market.  That will be key to keeping prices supported as the supply of ready barrows and gilts continues to increase and more pork is headed onto an already saturated market. 

Barrows and gilts at the National Daily Direct opened $.62 higher with a Base Range of $47 to $55 for a weighted average of $52.76; the Iowa/Southern Minnesota opened $2.83 higher for a weighted average of $54.49; the Western Corn Belt opened $2.55 higher for a weighted average of $54.04.  The Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $12 to $20.  Receipts are down on the week, but up on the year.  Barrows and gilts were steady with moderate demand for moderate offerings at $28 to $36. 

Pork values opened lower – down $1.24 at $77.60.  Butts, loins, hams, and ribs all opened lower.  Bellies are steady.  Picnics are higher.