Market News

Midday cash livestock markets

A light direct cash cattle trade is underway.  Live deals in parts of the South are at $110, that’s fully steady with Tuesday’s business and last week’s trade. Bids in the North are at $170 to $172 dressed.  Asking prices in the South are at $112 plus live and $177 dressed in the North.  Look for business to improve as the day progresses.  Today’s Fed Cattle Exchange had an offering of 930 head with 543 head sold.  There were 395 head sold for a weighted average price of $110.25, those are marked for 1 to 9-day delivery, and 148 head sold for a weighted average price of $110.25, those are marked for 1 to 17-day delivery. 

Boxed beef is firm to higher at midday on good demand for moderate offerings.  Choice is $.33 higher at $214.29 and Select is $1.81 higher at $235.53.  The Choice/Select spread is $21.24. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 450 pounds are steady to $3 higher, 450 to 550 pounds are steady, 550 to 600 pounds are steady to $2 higher, 600 to 700 pounds are steady to $2 lower.  Feeder heifers 450 to 550 pounds were steady to $2 higher, 550 to 700 pounds were steady to $2 lower.  The USDA says demand was good for several long strings, load lots, and many packages of feeder steers and heifers, all of which sold on an active market.  Nearly all of the supply was home raised, fully vaccinated, and newly weaned.  All carried light to moderate flesh.  Receipts were down on the week and the year.  Feeder supply included 63 percent steers and 14 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 507 to 546 pounds brought $159 to $170.75 and feeder steers 551 to 597 pounds brought $152.75 to $169.  Medium and Large 1 feeder heifers 451 to 494 pounds brought $148.75 to $162 and feeder heifers 501 to 549 pounds brought $146 to $157.50. 

Cash hog prices were not reported at midday due to packer submission problems.  The availability of market-ready hogs is more than ample, and processors continue to push slaughter totals higher, adding more pork to an already saturated market.  The industry remains optimistic demand for US pork will continue to hold, there are also concerns that should a disruption occur, prices would tumble.  Hog weights this week rose to 289.1 pounds, that’s a 1.4-pound increase on the week and the year. 

Butcher hog prices at the Midwest cash markets are $3 lower in Wisconsin and Garnavillo, Iowa at $37 and $41.  Red Oak, Iowa is higher at $42.  At Illinois, slaughter sow prices were firm with good demand for moderate to heavy offerings at $32 to $45.  Barrow and gilt prices were weak with moderate demand for moderate offerings at $39 to $42.  Boars ranged from $5 to $8. 

Pork values are firm at midday – up $.34 at $78.94.  Bellies are sharply higher, picnics are also higher.  Loins are firm.  Butts are unchanged, and ribs and hams are lower to sharply lower. 

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