Market News

Midday cash livestock markets

Direct cash cattle trade is slow to start the day following two days of light trade.  Price ranges have been wide again this week.  Live deals in the South have been from $110 to $120 and Northern dressed business has ranged from $174 to $190.  Asking prices for cattle left on showlists are around $120 to $125 live in the South and $190 plus, dressed in the North. 

Boxed beef is lower to sharply lower at midday on light demand for moderate to heavy offerings.  Choice is $6.56 lower at $371.21 and Select is $2.85 lower at $347.35.  The Choice/Select spread is $23.86. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 700 to 1000 pounds, which were mostly steady and 750 to 800-pound steers were $2 to $3 higher.  The best test on heifers was 650 to 750 pounds and they were $3 to $4 higher.  The USDA says demand was good to very good for the large offering of packages, loads, and strings.  Lighter cattle continue to see the strongest demand and replacement heifers are also selling with very good demand.  Quality was similar to last week with many attractive cattle to choose from. The market was active.  Receipts were down on the week and up on the year.  Feeder supply included 72 percent steers and 93 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 901 to 949 pounds brought $118.50 to $126.75 and feeder steers 950 to 984 pounds brought $114 to $120.25.  Medium and Large 1 feeder heifers 659 to 695 pounds brought $131 to $140 and feeder heifers 707 to 733 pounds brought $126.50 to $138.50. 

Cash hogs opened lower with moderate negotiated numbers.  Supplies of market-ready hogs are more than ample.  While slaughter capacity isn’t fully recovered yet, it is increasing and that’s helping to address at least some of the backlog of hogs in the supply-chain.  Grilling season is officially underway and there’s hope consumers will turn to pork and that will help provide some price support.  The global demand picture still presents some opportunities for the US pork industry as supplies of pork worldwide are short.  Barrows and gilts at the National Daily Direct are $1.88 lower at midday with a base range of $25 to $38.08 for a weighted average of $35.94.  Prices at the regional direct markets were not reported at midday due to confidentiality.  The 5-day rolling average for the Iowa/Minnesota and the Western Corn Belt is $34.42.    

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with moderate 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 range from $1 to $5. 

Pork values are sharply higher at midday – up $6.30 at $95.12.  Hams jumped more than $31 to start the day.  Loins are sharply higher, and picnics are firm.   Butts and ribs were sharply lower and bellies were lower.