Market News

Midday cash livestock markets

A light direct cash cattle trade is underway.  Live deals in parts of the South are at $120, that’s $3.50 higher than last week’s weighted averages.  Asking prices are around $122 plus live in the South and $195 to $198 dressed in the North.  Look for more business to develop throughout the day. Today’s Fed Cattle Exchange could be the boost the market needs to get today.  This week’s sale saw the majority of the offering sell with many over the reserve pricing.  There were 4,926 head listed with 3,489 head that sold anywhere from $120 to $122.75. 

Boxed beef is sharply higher with good demand for moderate offerings.  Choice is $2.55 higher at $265.32 and Select is $3.01 higher at $254.31.  The Choice/Select spread is $11.01. 

At the Philip Livestock Auction in South Dakota, compared to two weeks ago feeder steers under 600 pounds were $4 to $6 lower, steers 600 to 650 pounds were steady, steers 650 to 800 pounds were $3 to $4 higher.  Feeder heifers under 600 pounds were $3 lower, 600 to 750 pounds were steady.  The USDA says demand was moderate for the several long strings, load lots, and packages of feeder steers and feeder heifers.  All of which sold on an active market.  Feeder supply included 69 percent steers and 82 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 775 to 785 pounds brought $148.75 and feeder steers 806 to 821 pounds brought $143.25 to $147.75.  Medium and Large 1 feeder heifers 659 to 693 pounds brought $140 to $144.25 and feeder heifers 701 to 729 pounds brought $133.50 to $136. 

Cash hogs are higher at midday with a solid negotiated run.  Packers are aggressive in their procurement efforts.  With strong demand on the global market and domestically providing a lot of price support.  That’s expected to continue.  The industry is watching the availability of market-ready barrows and gilts.  Hog weights declined slightly on the week to 287.3 pounds, that’s a 2.6 drop from year-ago levels.  Barrows and gilts at the National Daily Direct are $1.11 higher with a base range of $96 to $101 and a weighted average of $98.75; the Iowa/Minnesota is $1.16 higher with a weighted average of $100.77; the Western Corn Belt is $1.21 higher with a weighted average of $100.77.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60 and higher in Red Oak, Iowa at $67. 

Pork values are sharply higher at midday – up $3.02 at $112.41.  Bellies are sharply higher, hams and ribs are higher.  Picnics are firm.  Loins and butts are lower. 

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