Market News

Midday cash livestock markets

A quiet start to the day for direct cash cattle trade following yesterday’s light to moderate business in most areas.  Live deals in Kansas and Texas were mostly at $120 and dressed business in Nebraska and Iowa had a wide range of $175 to $190, mostly $190.  Most deals were well above last week’s weighted averages basis.  Asking prices today are between $120 to $125 live and $190 to $195 dressed in the North. 

Boxed beef is lower at midday on light demand for light to moderate offerings.  Choice is $2.16 lower at $401.88 and Select is $6.37 lower at $384.81.  The Choice/Select spread is $17.07. 

At the Hub City Livestock Auction in South Dakota, compared to last week steers 550 to 600 pounds were mostly steady and 601 to 750 pounds and 801 to 850 pounds were $2 to $6 higher with instances of up to $9 higher.  Lighter heifers were mostly steady and 551 to 800-pound heifers were mostly $1 to $4 higher.  The USDA says demand was good to very good for the large offering featuring many strings, loads, and packages of both home-raised and backgrounded attractive cattle.  Receipts were up slightly on the week and up significantly on the year.  Feeder supply included 61 percent steers and 82 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 744 pounds brought $138.25 to $150 and feeder steers 903 to 949 pounds brought $119 to $125.50. Medium and Large 1 feeder heifers 550 to 583 pounds brought $136.25 to $148.75 and feeder heifers 706 to 747 pounds brought $122 to $135.75. 

Cash hogs opened weak to lower with moderate negotiated numbers.  Supplies of market-ready hogs are more than ample and while processors are increasing their chain speed, they’re trying to find a balance with the number of hogs coming in and the available shackle space and available workforce.  The weekly Export Sales report from the USDA was lackluster with pork sales actually showing a reduction following a cancellation by China.  Physical shipments were a marketing-year high, with China and Mexico as leading destinations.

Barrows and gilts at the National Daily Direct opened $.68 lower with a base range of $33 to $39 for a weighted average of $37.27 and the Western Corn Belt is $2.53 lower for a weighted average of $37.  The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with moderate to good demand for light to moderate 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 are steady at midday – down $.09 at $99.83.  Ribs and loins were sharply lower.  Butts are weak.  Bellies are sharply higher and hams and picnics are higher.