Market News

Midday cash livestock markets

A light direct cash cattle trade is underway.  Live deals in Kansas are at $110 about steady with last week’s averages.  Packer inquiry is expected to improve as the day progresses.  Asking prices have been restated around $113 plus in the South, while the North remains quiet.  Significant trade volume will likely develop in the back half of the week.  Today’s Fed Cattle Exchange had an offering of 1,547 head, with 567 head sold with a range of $110 to $112. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $.91 higher at $218.40 and Select is $.50 higher at $206.94.  The Choice/Select spread is $11.46. 

At the Philip Livestock Auction in South Dakota, compared to last week, feeder steers 450 to 600 pounds were steady to $2 lower, 600 to 650 pounds were steady to $2 higher, 650 to 750 pounds were steady, and over 750 pounds were not well tested.  Feeder heifers 400 to 450 pounds were $2 lower, 450 to 550 pounds were steady, 550 to 600 pounds were steady, 600 to 700 pounds were $2 to $4 lower, and over 700 pounds were not well tested.  The USDA says demand was very good demand for many long strings, load lots, and packages of feeder steers and feeder heifers, all of which sold on a moderate to active market.  Feeder supply included 59 percent steers and 79 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 744 pounds brought $134 to $142.50 and feeder steers 755 to 779 pounds brought $135.50 to $141.50.  Medium and Large 1 feeder heifers 553 to 589 pounds brought $146.50 to $155 and feeder heifers 809 to 848 pounds brought $124.50 to $126.50. 

Cash hogs are higher at midday with fairly large negotiated numbers.  Packers bid up to move their desired numbers. The availability of market-ready barrows and gilts is more than ample and daily slaughter runs have been running at near-record levels every day.  That’s helping to keep the supply chain moving, but it’s also adding more pork to an already saturated market.  The industry continues to monitor supply and demand, as there has been uncertainty if demand strength can continue to hold.  Barrows and gilts at the National Daily Direct are $1.67 higher with a base range of $50 to $58.50 and a weighted average of $56.64.  Prices at the regional direct markets 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 $32 to $44. Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $30 to $38.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are sharply higher at midday – up $4.33 at $81.75.  Picnics, bellies, hams, and loins are sharply higher.  Butts are sharply lower and ribs are lower.