Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following the Thursday’s business.  There’s been a little bit of a standoff this week as packers haven’t been overly aggressive in their procurement efforts and sellers haven’t been willing to take lower prices. And while some clean-up trade is expected at some point, it’s likely the bulk of the week’s business has wrapped up.

Boxed beef is lower at midday on light demand for light offerings.  Choice is $.75 lower at $233.13 and Select is $.95 lower at $220.73.  The Choice/Select spread is $12.40.

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 600 to 750 pounds were unevenly steady, feeder steers 750 to 950 pounds were $1 to $4 lower, steers 950 to 1000 pounds were $1 higher.  Feeder heifers 550 to 650 pounds were steady to $1 lower and heifers 650 to 900 pounds were $2 to $4 lower.  The USDA says demand was good with many load lots in the day’s offerings.  Receipts were down on the week and the year.  Feeder supply included 47 percent steers and 89 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 711 to 749 pounds brought $140 to $149.75 and feeder steers 852 to 896 pounds brought $129.50 to $135.  Medium and Large 1 feeder heifers 651 to 698 pounds brought $128.25 to $136 and feeder heifers 853 to 894 pounds brought $121 to $124.35. 

Cash hogs are higher again at midday with moderate negotiated purchases.  The industry continues its strong push to move numbers and that, along with the recent strength in demand for US pork on the global and domestic markets has been very supportive to prices.  The industry is optimistic that will continue.  However, there is cautious optimism as the supplies are heavy.  The availability of market-ready hogs is more than ample and daily slaughter totals continue at near-record levels.  Should any sort of disruption to demand, or the supply chain occur, it would likely send prices tumbling.  Barrows and gilts at the National Daily Direct are $.89 higher with a base range of $75 to $90 for a weighted average of $83.58.  Prices at the regional direct markets were not reported due to confidentiality. 

At Illinois, slaughter sow prices were firm with very good demand for moderate to heavy offerings at $63 to $76.  Barrows and gilts were $1 to $2 higher with good demand for moderate to heavy offerings at $55 to $59.  Boars ranged from $25 to $30 and $12 to $15. 

Pork values are higher at midday – up $1.71 at $95.23.  Bellies are sharply higher.  Ribs, butts, and loins are higher.  Hams are about steady.  Picnics are sharply lower. 

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