Market News

Midday cash livestock markets

Another fairly quiet start to the day for direct cash cattle trade activity.  There are a few scattered bids that have surfaced in Kansas at $102 live.  That’s several dollars below current asking prices of $105 to $106 live.  Activity in the North is nonexistent.  It’s possible significant trade activity for the week could be pushed to sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 613 head with zero head sold. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $1.01 lower at $215.08 and Select is $1.04 lower at $205.24.  The Choice/Select spread is $9.84. 

At the Philip Livestock Auction in South Dakota, compared to the most recent sale, feeder steers and feeder heifers 750 to 1,000 pounds were steady.  The USDA says demand was very good for several load lots and many packages of feeder steers, feeder heifers, and tested open heifers – all of which sold on a strong, active market.  Nearly all of the offering was off grass and in light to moderate flesh condition.  Receipts were up from the most recent sale.  Feeder supply included 45 percent steers and feeder supply included 94 percent of the offering.  Medium and Large 1 feeder steers 912 to 932 pounds brought $136.75 to $140 and feeder steers 956 to 998 pounds brought $136.25 to $137.50.  Medium and Large 1 feeder heifers 852 to 892 pounds brought $130 to $137 and feeder heifers 908 to 943 pounds brought $130 to $136.50. 

Cash hogs are steady to weak at midday with moderate negotiated purchases.  Heavy supplies continue to put pressure on the cash hog market.  The availability of market-ready hogs is more than ample, and packers continue to keep the supply chain moving, adding more pork to the market.  While there is hope demand for US pork will see a boost as China and other countries have halted imports of pork from Germany, it’s purely speculative at this point and with the current supply situation it is very difficult for prices to push higher for an extended period of time.  Hog weights this week increased to 279.7 pounds.  That’s up 3 pounds on the week and down 1.6 pounds on the year.  Barrows and gilts at the National Daily Direct are $.77 lower with a base range of $47 to $65 for a weighted average of $58.20; the Iowa/Minnesota is $.22 lower for a weighted average of $60.59; the Western Corn Belt is $.21 lower with a weighted average of $60.13.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $28.  At Illinois, slaughter sow prices were steady with good demand for moderate to heavy offerings at $11 to $23.  Barrow and gilts prices were weak with good demand for moderate to heavy offerings at $35 to $41.  Boars ranged from $1 to $3. 

Pork values are firm at midday – up $.69 at $84.95.  Hams are sharply higher.  Bellies are steady.  Ribs, loins, picnics, and butts are all weak to sharply lower. 

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