Midday cash livestock markets
July 6, 2020 By Meghan Grebner Filed Under: Livestock, Livestock Markets, Livestock Markets, Market News, Market News
Direct cash cattle trade activity is off to a slow start for this Monday. Bids and asking prices have yet to surface. If trade follows the recent trend, it’s quite possible for light to moderate business to take place every day this week. Last week the trade saw Northern dressed deals range from $148 to $155, mostly $153 to $155. Southern live business ranged from $91 yo $97, mostly $93 to $95.
Boxed beef is weak to lower at midday on light demand for moderate offerings. Choice is $.38 lower at $205.06 and Select is $2.27 lower at $196.49. The Choice/Select spread is $8.57.
In South Dakota last week, compared to prior week’s sales, feeder steers and heifers were too lightly tested for adequate comparison, but undertones were nearly steady. Sales were light due to last week’s Independence Day holiday. The USDA says demand has been pretty good for yearlings as feed costs remain low and that help the bottom line. Receipts were down on the week. Feeder supply included 58 steers and 93 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 803 to 846 pounds brought $129 to $138.25 and feeder steers 907 to 947 brought $113 to $127. Medium and Large 1 feeder heifers 756 to 798 pounds brought $122 to $127 and feeder heifers 901 to 947 brought $97.50 to $104.50.
Cash hogs at midday have not been reported due to packer submission problems. Supply and demand continue to be the biggest driver of the market. Last week saw a promising Weekly Export Sales Report from the USDA and a better than expected Jobs Report, both of which are supportive to an improved demand picture. That’s the news the industry needs to continue to see, especially as supplies of market-ready hogs are ample and packers continue to push daily slaughter totals closer to pre-COVID-19 levels. Food supply chains remain operational, but the large slaughter runs add more pork to a fairly saturated market.
Butcher hog prices at the Midwest cash markets are steady at $20. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $9 to $20. Barrow and gilt prices were weak with light to moderate demand for moderate to heavy offerings at $12 to $20. Boars ranged from $2 to $5.
Pork values are higher at midday – up $1.59 at $68.05. Hams are sharply higher. Ribs are higher. Butts are firm. Loins, picnics, and bellies are all lower.
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