Market News

Midday cash livestock markets

Direct cash cattle trade activity is picking up.  Bids have surfaced at $104 to $106 live in the South and $164 to $165 dressed in the North.  Asking prices are around $108 live in the South, but have been few and far between in the North.  There was another round of light trade that took place in the South on Tuesday with live deals around $105 to mostly $106, fully steady with Monday’s business and $2 lower than last week’s weighted averages.  There was a scattered, light trade in the North with business at mostly $166, $2.50 to $3.50 below last week’s weighted averages.  Today’s Fed Cattle Exchange had an offering of 1096 head with 702 head sold; 588 head were marked for 1 to 9-day delivery and sold for $106.50 and 144 head were marked for 1 to 17-day delivery and sold for $106.25. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $.95 lower at $209.65 and Select is $.30 higher at $191.97.  The Choice/Select spread is $17.68. 

At the Philip Livestock Auction in South Dakota, compared to last week, feeder steers 400 to 600 pounds were $2 to $4 lower, 600 to 750 pounds were $4 to $6 lower.  Feeder heifers 450 to 500 pounds were steady, 500 to 650 pounds were $2 to $4 lower, 650 to 850 pounds were $3 lower, and 850 to 950 pounds were $4 to $6 lower.  The USDA says demand was very good for several long strings and many load lots and packages of feeder steers and feeder heifers, all of which sold on a moderate to active market.  Almost all of the supply was home-raised, fully vaccinated, and carrying light to moderate flesh.  Receipts were up on the week and the year.  Feeder supply included 68 percent steers and 26 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 548 pounds brought $153 to $168.50 and feeder steers 550 to 597 pounds brought $146.50 to $161.25.  Medium and Large 1 feeder heifers 501 to 547 pounds brought $133 to $146.50 and feeder heifers 860 to 896 pounds brought $128 to $136. 

Cash hogs opened sharply lower with moderate negotiated purchases.  Supplies of market-ready barrows and gilts are heavy and daily slaughter totals continue to push higher.  That’s keeping the supply chain moving and helping to work through the backlog of hogs in the production system, but it’s also adding more pork to an already saturated market.  Hog weights this week crept up to 285.1 pounds, that’s a 0.8-pound increase on the week, but down 0.3-pound on the year.  Barrows and gilts at the National Daily Direct are $2.55 lower with a base range of $56 to $65 for a weighted average of $59.29 and the Western Corn Belt is $2.30 lower with a weighted average of $62.40. The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40.  At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $22 to $36.  Barrow and gilt prices were steady with moderate to good demand for moderate to heavy offerings at $37 to $43.  Boars ranged from $1 to $5. 

Pork values are higher at midday – up $1.05 at $97.96.  Hams are sharply higher.  Ribs, butts, and bellies are all sharply lower.  Picnics are lower.  Loins are steady.