Market News

Midday cash livestock markets

A quiet start to the day for direct cash cattle trade activity following the light to moderate rounds of business seen every day this week.  Live deals have had a full range of $110 to $120 while dressed business has had a full range of $174 to $190.  We could see some cleanup deals at some point today – but it’s likely the bulk of this week’s business has been completed. 

Boxed beef is weak to lower at midday on light demand for light offerings.  Choice is $3.99 lower at $365.57 and Select is $.63 lower at $343.46.  The Choice/Select spread is $22.11. 

At the Mitchell Livestock Auction in South Dakota, compared to last week a higher undertone was noted on steers up to 700 pounds.  Steers 700 to 1000 pounds were $3 to $9 higher and steers over 1000 pounds were $3 higher.  There was an unevenly steady undertone on heifers up to 700 pounds and heifers 700 pounds and up were $1 to $3 higher.  The USDA says demand was good and there were many load lots in the day’s offering.  Receipts were almost steady on the week and up on the year.  Feeder supply included 50 percent steers and 88 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 804 to 845 pounds brought $129.50 to $136.25 and feeder steers 955 to 997 pounds brought $114.25 to $120.10.  Medium and Large 1 feeder heifers 752 to 795 pounds brought $119.25 to $127 and feeder heifers 903 to 935 pounds brought $111.75 to $113.50. 

Cash hogs are weak to lower at midday with moderate negotiated numbers.  The supply of market-ready barrows and gilts is ample, and processors are still trying to work through the backlog of hogs in the supply chain resulting from the processor slowdowns and shutdowns.  It’s won’t happen quickly, as packers are trying to increase daily slaughter runs while balancing the available shackle space and the available workforce.  The Storm Lake, Iowa processing facility has had to temporarily shudder as more than 500 employees have tested positive for COVID-19.  The plant says it will resume operations next week following “additional deep cleaning and sanitizing of the entire facility”.  Barrows and gilts at the National Daily Direct are $.61 lower with a base range of $29 to $38.25 for a weighted average of $36.73 and the Western Corn Belt is $1.39 lower for a weighted average of $36.37.  The Iowa/Minnesota and the Eastern Corn Belt was not reported due to confidentiality. 

Midwest cash markets are closed today.  At Illinois, slaughter sow prices were steady with moderate demand for 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 higher at midday up $1.37 at $90.83.  Loins jumped more than $23 at midday and ribs, picnics, and bellies were all sharply higher.  Hams and butts were sharply lower. 

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