Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following Wednesday’s business.  Bids have yet to be renewed today.  But asking prices in the South are firm at $115 to $116 while the North has been quiet.  Look for additional business to develop as the day progresses. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $.88 higher at $233.91 and Select is $2.01 lower at $222.23.  The Choice/Select spread is $11.68. 

At the Hub City Livestock Auction in South Dakota, compared to last week, steers under 600 pounds were not well compared, 601 to 700 pounds were mostly steady, 701 to 800 pounds were steady to $2 lower, 801 to 900 pounds were $2 to $4 lower, 901 to 1000 pounds were mostly steady.  Heifers 550 to 600 pounds were steady to $3 lower, 601 to 700 pounds were $3 to $5 lower, 701 to 750 pounds were mostly steady.  The USDA says demand was good to very good for another large offering.  There were many attractive cattle to choose from, both home raised and backgrounded cattle, available in packages, loads, and strings.  There were quite a few loads of packages of replacement-type heifers available, which were met with excellent demand.  Feeder supply included 60 percent steers and 40 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 751 to 782 pounds brought $133 to $146.25 and feeder steers 800 to 843 pounds brought $131 to $141.25.  Medium and Large 1 feeder heifers 551 to 595 pounds brought $137 to $151.25 and feeder heifers 651 to 688 pounds brought $131.50 to $144. 

Cash hogs are sharply higher at midday with strong negotiated purchases.  Packers continue to bid up to move their desired numbers.  The industry is optimistic demand for US pork will remain strong on both the global market and domestically and that’s been very supportive to prices.  However, the market is keeping a close eye on the supply situation.  The availability of market-ready hogs is more than ample and daily slaughter totals continue at very high levels.  Should a disruption to demand occur, prices would be negatively impacted.  Barrows and gilts at the National Daily Direct are $5.31 higher with a base range of $75 to $89 with a weighted average of $84.73.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $52 and $50.

Pork values are sharply higher at midday – up $6.02 at $97.43.  Bellies jumped $18.50 to start the day.  Picnics and hams were both sharply higher.  Butts and loins were higher.  Ribs were lower. 

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