Market News

Midday cash livestock markets

A light to moderate trade is under across most of cattle country today.  Southern live business is around $117, that’s about $1 lower than the bulk of Monday’s trade in those areas, but nearly steady with last week’s weighted averages.  Northern dressed business is set around $185, about steady with the previous week’s weighted average basis in Nebraska.  Asking prices are around $118 to $120 live and $190 dressed.  Earlier this week Northern dressed deals ranged from 4!76 to $187 and Southern live trade had a range from $112 to $118.  The Fed Cattle Exchange had a less than stellar showing with 1,736 head offered and 199 head sold for a weighted average of $110.50.  All of those sales are marked for 1 to 17-day delivery. 

Boxed beef is sharply lower again at midday on light demand for light to moderate offerings.  Choice is $18.72 at $300.01 and Select is $10.92 lower at $279.66. 

At the Philip Livestock Auction in South Dakota, there was a good demand for a few loads and moderate demand for many packages of feeder steers and feeder heifers, all sold on a moderate market.  Much of the offering carried moderate to moderate plus flesh.  Receipts were down slightly from the most recent sale.  Feeder supply included 44 percent steers and 65 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 554 to 597 pounds brought $155.50 to $173.50 and feeder steers 676 to 699 pounds brought $139 to $153.35.  Medium and Large 1 feeder heifers 761 to 779 pounds brought $120 to $122.50 and feeder heifers 856 to 872 pounds brought $114.75 to $116.75. 

Cash hogs are lower to sharply lower at midday with solid negotiated numbers.  Supplies of market-ready hogs remain heavy.  And while processors are increasing their daily slaughter capacity, there is still a backlog of hogs in the supply chain to work through.  And they’re having to toe a fine line between hogs coming into facilities with available shackle space and labor force.  Hog weights declined again this week to 291 pounds, down a half a pound on the week, but still up 3.8 pounds on the year.  Barrows and gilts at the National Daily Direct are $1.25 lower with a base range of $28 to $37 for a weighted average of $33.48; the Iowa/Minnesota is $3.19 lower at midday for a weighted average of $33.68; the Western Corn Belt is $3.19 lower for a weighted average of $33.68.  The Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were weak with light to moderate demand for light to moderate offerings at $7 to $20. Barrow and gilt prices were weak with light demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values are weak at midday, down $.27 at $74.10.  Picnics and butts are sharply lower at midday.  However, Bellies, ribs, hams, and loins are all firm to sharply higher.