Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet through midday.  More bids have started to surface at $103 live and $164 dressed.  Asking prices are $105 live in the South and $165 plus dressed North.  Packer inquiry is expected to improve as the day progresses.  There was a light to moderate trade that took place in the South on Wednesday with deals at mostly $103, which was $2 higher than last week’s weighted averages. 

Boxed beef is weak to lower at midday on light demand for moderate offerings.  Choice is $.35 lower at $215.03 and Select is $.91 lower at $203.60.  The Choice/Select spread is $11.43. 

At the Hub City Livestock Auction in South Dakota, compared to last week, the best test was on steers 800 to 1000 pounds and they were $2 to $5 higher with instances of up to $10 higher on 850 to 900 pounds.  The best test on heifers, 850 to 900 pounds were mostly steady.  The USDA says demand was good to very good for the large yearling offerings.  There were quite a few strings on offer, most of which were attractive.  There were also a few packages and loads of cattle in moderate to heavy flesh.  Receipts were up on the week and the year.  Feeder supply included 70 percent steers and 99 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 853 to 897 pounds brought $141.50 to $151.25 and feeder steers 900 to 935 pounds brought $135 to $145.  Medium and Large 1 feeder heifers 828 to 836 pounds brought $141 to $142 and feeder heifers 856 to 896 pounds brought $127.50 to $136.60. 

Cash hogs opened lower with moderate negotiated numbers.  The market remains optimistic demand will see a big boost.  But currently, the heavy supply situation is keeping prices suppressed.  Packers have been moving big numbers and that’s helping to keep the supply chain moving, but it’s also adding more pork to a market that is already heavily saturated. Barrows and gilts the National Daily Direct are $1.67 lower with a base range of $52 to $62.50 for a weighted average of $59.23; the Iowa/Minnesota is $1.72 lower for a weighted average of $59.69; the Western Corn Belt is $2.41 lower for a weighted average of $59.69.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

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

Pork values are sharply higher at midday – up $7.93 at $91.07.  Hams jumped $19 and bellies are up nearly $18 to start the day.  Picnics and butts are also sharply higher.  Ribs are higher.  Loins are sharply lower.