Market News

Midday cash livestock markets

It’s a sluggish Friday for direct cash cattle trade activity following the light to moderate trade that took place yesterday. Dressed deals in the North were marked at mostly $192, $4 lower than the previous week’s weighted average basis in Nebraska.  There was some scattered live business in the South at $118 to $119, $1 to $2 lower than the week’s previous business.  There could be a little cleanup trade trickle in today, but it’s likely the bulk of the week’s business has wrapped up.  Asking prices for cattle left on showlists are at $121 live in the South and $194 dressed in the North.   

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $1.01 higher at $283.32 and Select is $1.28 lower at $272.41.  The Choice/Select spread is $10.91. 

At the Mobridge Livestock Exchange in South Dakota, this was the first sale in several weeks, so no price comparison was available.  The USDA says demand was moderate for the day’s offering featuring mostly packages.  Quality varied quite a bit with many plain to average cattle available.  There were also a few consignments of calves offered.  Flesh varied, but was mostly light to moderate plus.  And the market was moderately active.  Receipts were up on the year.  Feeder supply included 41 percent steers and 77 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 645 pounds brought $151 to $159.50 and feeder steers 660 to 685 pounds brought $144.50 to $156.50.  Medium and Large 1 feeder heifers 605 to 645 pounds brought $129.50 to $138 and feeder heifers 715 to 745 pounds brought $128.25 to $133. 

Cash hogs are lower at midday with fairly light negotiated purchases. While packers took a little breather at the end of the week, they have been aggressive in their procurement efforts.  All eyes are on the availability of market-ready barrows and gilts.  Demand for US pork has been strong on both the global market and domestically, which has been very supportive to prices.  The industry expects that to continue. Barrows and gilts at the National Daily Direct are down $.20 with a base range of $102 to $113 and a weighted average of $105.52; the Iowa/Minnesota and the Western Corn Belt are both $.48 lower with a weighted average of $110.53.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $62. At Illinois, slaughter sow prices were weak with moderate demand for light offerings at $55 to $65.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $67 to $75.  Boars ranged from $40 to $45 and $15 to $18. 

Pork values are sharply higher at midday – up $2.55 at $117.25.  Bellies were up nearly $15 at midday.  Hams and butts were sharply higher.  Ribs, loins, and picnics were lower. 

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