Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the light to moderate business that developed on Thursday.  Southern live deals were at mostly $112, about steady with last week’s weighted averages.  Northern dressed deals ranged from $174 to $180, mostly $176 to $177, which was generally steady to $1 higher than last week’s weighted averages.  Asking prices have surfaced around $114 live in the South and $180 dressed in the North.  Look for more business to develop before the end of the day. 

Boxed beef is firm to higher at midday on good demand for moderate offerings.  Choice is $.74 higher at $206.55 and Select is $.33 higher at $196.92.  The Choice/Select spread is $9.63. 

At the Mitchell Livestock Auction in South Dakota, compared to last week, steers were $2 to $5 lower and steers 1000 pounds and up were steady to $5 lower.  Heifers 600 to 850 pounds were $2 to $5 lower and heifers 850 to 1000 pounds were steady.  There was a lower undertone noted on heifers over 1000 pounds.  The USDA says demand was good and there were many large load lots in the offering.  Receipts were down on the week and the year.  Feeder supply included 61 percent steers and 89 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 801 to 831 pounds brought $135.25 to $138.50 and feeder steers 957 to 995 pounds brought $127 to $134.85.  Medium and Large 1 feeder heifers 803 to 843 pounds brought $124 to $126.10 and feeder heifers 852 to 871 pounds brought $123.25 to $126.10. 

Cash hogs are lower at midday with moderate negotiated numbers.  The availability of market-ready hogs remains more than ample and with daily slaughter totals continuing at near-record levels, it’s adding more pork to a heavily saturated market.  The industry continues to watch the demand picture, uncertainty surrounding both global and domestic demand makes it very difficult for prices to turn higher. Barrows and gilts at the National Daily Direct are $.59 lower with a weighted average of $55.83; the Iowa/Minnesota had no comparison, but a weighted average of $53.07; and the Western Corn Belt is $.63 lower with a weighted average of $53.07.  The Eastern Corn Belt was not reported due to confidentiality.   

Butcher hog prices at the Midwest cash markets are $4 higher in Dorchester, Wisconsin and steady in Garnavillo, Iowa.  Both are at $40. At Illinois, slaughter sow prices were firm with good demand for moderate to heavy offerings at $24 to $38.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $31 to $39.  Boars ranged from $15 to $20 and $4 to $10. 

Pork values are sharply higher at midday, up $7.48 at $87.30.  Hams are nearly $24 higher, and bellies are nearly $9 higher.  Picnics and ribs are also higher.  Butts are weak and loins are lower. 

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