Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet.  A few bids have surfaced in parts of Texas at midday.  Asking prices are around $108 live in the South, while the North remains relatively quiet.  Some trade could develop today, but it likely will be delayed until later in the week.  Due to technical difficulties, today’s Fed Cattle Exchange has been postponed. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $.75 lower at $205.95 and Select is $1.16 higher at $189.83.  The Choice/Select spread is $16.12. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 450 to 550 pounds were $2 to $5 higher, 550 to 650-pounds were steady, 650 to 700 pounds were $3 lower.  Feeder heifers 400 to 450 pounds were steady, 450 to 550 pounds were $2 to $3 lower, 550 to 600 pounds were $2 higher, 600 to 650 pounds were $2 lower.  The USDA says demand was very good for a supply that was drastically reduced due to weather related cancellations.  The offering consisted of several long strings, many load lots, and packages of feeder steers and feeder heifers, all of which sold on an active market.  All of the offering was home raised and carried light to moderate flesh.  Receipts are down on the week and the year.  Feeder supply included 73 percent steers and 24 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 555 to 599 pounds brought $145.25 to $160 and feeder steers 607 to 638 pounds brought $144 to $157.50.  Medium and Large 1 feeder heifers 501 to 544 pounds brought $131.50 to $140 and feeder heifers 555 to 598 pounds brought $133 to $143.50. 

Cash hogs opened lower with moderate negotiated numbers.  Processors continue to push daily slaughter totals higher, that’s helping to relieve some of the pressure on the supply chain that remains from those COVID-related slowdowns and shutdowns.  While it’s keeping product moving, it’s also adding more pork to an already saturated market.  The industry remains optimistic that demand strength will continue.  That’s helping to keep prices supported at a time when there are concerns about the more than ample supplies of market-ready hogs.  Hog weights increased to 285.9 pounds, up 0.8 on the week, but are down 0.5 on the year. Barrows and gilts at the National Daily Direct are $1.12 lower with a base range of $58 to $63.50 with a weighted average of $61.55.  Prices at the major regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady to $38. At Illinois, slaughter sow prices were firm with good demand for moderate to heavy offerings at $24 to $38.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $37 to $43.  Boars ranged from $5 to $7. 

Pork values are steady at midday – down $.01 at $88.81.  Ribs dropped more than $12 to start the day.  Butts are also sharply lower.  Hams and picnics are firm.  Loins and bellies are higher.