Market News

Midday cash livestock markets

A very light direct cash cattle trade has been reported in the South to start the day.  Live deals in Kansas are at $107, that’s $2 higher than last week’s weighted averages. The rest of cattle country is at a standstill.  Asking prices are at $108 to $109 live in the South.  More business is expected to develop as the day progresses.  Light business developed yesterday in the North at $167 dressed and $107 live, both are $2 higher than the prior week’s weighted averages. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $.84 higher at $218.58 and Select is $.89 higher at $208.43.  The Choice/Select spread is $10.15. 

At the Hub City Livestock Auction in South Dakota, compared to last week steers 750 to 850 pounds were mostly steady, steers 851 to 1050 pounds were $1 to $3 higher with instances of up to $6 higher on 850 to 900-pound steers.  Heifers 900 to 1000 pounds were steady to $2 higher with instances of $4 higher on 950 to 1000 pounds.  The USDA says demand was good to very good for the large offering of yearlings featuring many strings, loads, and packages that included many home-raised tested open heifers and fall calves.  There were many attractive cattle for buyers this week.  Receipts were up on the week and the year.  Feeder supply included 69 percent steers and 91 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 810 to 846 pounds brought $148 to $152.75 and feeder steers 850 to 895 pounds brought $143 to $152.75.  Medium and Large 1 feeder heifers 800 to 849 pounds brought $130.50 to $143.40 and feeder heifers 911 to 945 pounds brought $129.25 to $136.50. 

Cash hogs were lower at midday with fairly light negotiated purchases.  The more than ample supplies of market-ready barrows and gilts puts pressure on prices and makes it difficult for the market to keep moving higher.  However, the industry remains optimistic about demand and that has been beneficial to the price picture.  Processors continue to push daily slaughter totals higher.  That keeps the supply chain moving and hopefully helps address the backlog of hogs in the production system, but it also adds more pork to an already saturated market.  Barrows and gilts at the National Daily Direct are $1.10 lower with a base range of $60 to $64 for a weighted average of $63.60.  The regional direct markets were not reported at midday due to confidentiality.

Butcher hog prices at the Midwest cash markets were steady at $40. At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $14 to $17.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $40 to $45.  Boars ranged from $1 to $3. 

Pork values are sharply higher at midday – up $8.69 at $100.06.  Bellies jumped more than $25 and hams are up more than $16.50.  Butts and loins are firm.  Picnics and ribs are lower. 

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