Market News

Midday cash livestock markets

Direct cattle trade activity is still relatively quiet at midday, with just a few scattered bid on the table.  Packer inquiry is expected to improve as the day progresses.  Live bids in the South are at $106 and in the North at $104.  Dressed bids in the North are at $162.  Asking prices are at $110 live in the South, but have been slow to surface in the North.  There was some very light business that developed in parts of Kansas and Texas on Thursday with live deals at $106, generally steady with last week’s weighted averages.  There was also a very light, scattered trade that took place in the North, mostly live deals were at $103 with a few at $104, mostly $1 lower than last week’s weighted average basis. 

Boxed beef is higher to sharply higher at midday on strong demand for light offerings.  Choice is $1 higher at $208.32 and Select is $3.10 higher at $194.33.  The Choice/Select spread is $13.99. 

At the Mitchell Livestock Auction in South Dakota, compared to last week a steady to higher undertone was noted on steers up to 850 pounds.  Steers 850 and up were steady to $5 higher.  There was an unevenly steady undertone noted on heifers up to 800 pounds and heifers 800 pounds and up were unevenly steady.  The USDA says demand was very good with a full house of buyers.  There were many load-lots in the offering.  Receipts were up significantly on the week and the year.  Feeder supply included 62 percent steers and 76 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 851 to 899 pounds brought $129.50 to $139 and feeder steers 950 to 989 pounds brought $129.50 to $138.75.  Medium and Large 1 feeder heifers 816 to 839 pounds brought $118.75 to $130.35 and feeder heifers 864 to 896 pounds brought $118.75 to $130.35. 

Cash hogs were steady at midday with moderate negotiated purchases.  Supply and demand continue to be the major driver behind this market.  Supplies of market-ready hogs are more than ample and processors continue to push daily slaughter totals higher, adding more pork to an already saturated market.  However, the industry remains optimistic demand for US pork will continue to grow. Barrows and gilts at the National Daily Direct are $.10 higher with a base range of $56 to $63 for a weighted average of $61.76.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $38. At Illinois, slaughter sow prices were firm with good demand for moderate offerings at $24 to $39.  Barrow and gilt prices were $2 higher with good demand for moderate to heavy offerings at $39 to $45.  Boars ranged from $5 to $7. 

Pork values are higher at midday – up $.95 at $88.52.  Bellies are sharply higher and butts were higher. Ribs, loins, and hams were sharply lower.  Picnics were weak.