Market News

Midday cash livestock markets

Widespread direct cash cattle business is likely largely wrapped up for the week after mostly moderate trade. The bulk of activity was at $97 on the live basis, up $1 from the previous week’s weighted average in the south, and at $160 dressed, $2 higher than the week before in the north. What’s left on the showlist is priced around $98+ live and $162 dressed with a few bids at $163 dressed in Nebraska, but activity should be mostly limited to clean-up activity, and most of that will probably be in the north. There are some signs of increased marketings of heavier weight cattle that had been held back in feedlots during the slowdown in processing.

Boxed beef at midday was mixed with light to moderate movement. Choice was up $1.58 at $203.38 and Select was down $.44 at $191.06.

At the Mitchell Livestock Auction feeder cattle sale in South Dakota, compared to the previous week, there was a steady to higher undertone for steers weighing up less than 800 pounds and steers weighing more than 800 pounds were steady to $8 higher. There was an unevenly steady undertone for heifers weighing less than 800 pounds, while heifers weighing more than 800 pounds were steady to $2 lower. The USDA says there were many load lots in the offering with good demand. Receipts of just over 3,500 head were down on the week, but up on the year. Medium and Large 1 feeder steers weighing 800 to 900 pounds sold from $135 to $147 and Large 1 steers weighing 1,000 to 1,100 pounds were reported at $119.25 to $129.60. Medium and Large 1 heifers weighing 800 to 900 pounds ranged from $121 to $134.50 and 900 to 1,000-pound heifers brought $115 to $121.75.

Cash hog business is just about unchanged. How the market closes will depend on packer demand after buyers were aggressive earlier in the week and able to find the needed processing space for the ample market ready numbers. There’s plenty of pork on the market, with generally inconsistent export and wholesale demand. China was the leading buyer of U.S. pork last week and along with Mexico bought about 33,000 tons out of the nearly 40,000-ton sales total. China’s domestic pork prices reportedly continue to move higher, which could drive even more business to the U.S., regardless of political tensions.

Pork at midday was $1 higher at $68.57. Bellies jumped $10.05, with butts gaining $2.72 and loins up $.04. Picnics, ribs, and hams were lower.

National direct barrows and gilts opened $.02 higher with a base price range of $40 to $41.80 and a weighted average of $41.37, while Iowa/Southern Minnesota is $.08 lower at $41.13 and the Western Corn Belt is up $.02 at $41.11. Butcher hogs at the Midwest cash markets are steady at $24. Illinois direct sows are steady at $10 to $22 on good demand for light to moderate offerings. Barrows and gilts are steady at $19 to $28 with good demand for moderate to heavy offerings. Boars range from $1 to $3.