Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet. There are just a few bids that have surfaced – at $194 dressed in Nebraska.  Asking prices for cattle left on showlists are around $120 plus live in the South and $192 dressed in the North.  The bulk of the week’s business could be wrapped up, but it wouldn’t be surprising if some clean-up trade took place over the balance of the week. 

Boxed beef is mixed at midday on light to strong demand for light offerings.  Choice is $.47 lower at $338.18 and Select is $4.27 higher at $312.14.  The Choice/Select spread is $26.04. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 850 to 950 pounds, they were $2 to $4 higher with instances of up to $9 higher on 900 to 950 pounds.  Steers 951 to 1000 pounds and 1050 to 1100 pounds were mostly steady with instances of up to $6 higher.  The best test on heifers was 650 to 700 pounds, 750 to 800 pounds, and 900 to 950 pounds, they were $2 to $4 higher.  The USDA says demand was good for another large offering this week.  There were many loads and packages offered, including fall calves.  Drought continues continue to force several consignments.  Flesh was mostly light to moderate plus with some heavy flesh at times.  Quality was mostly average to attractive and the market was active.  Grass conditions are deteriorating rapidly and many producers are hauling water to pastures.  Receipts were up on the week and feeder supply included 61 percent steers with 91% of the offering over 600 pounds.  Medium and Large 1 feeder steers 861 to 898 pounds brought $131.50 to $141.20 and feeder steers 952 to 989 pounds brought $125.25 to $136.  Medium and Large 1 feeder heifers 751 to 791 pounds brought $126 to $136.50 and feeder heifers 801 to 845 pounds brought $122.50 to $130.50. 

Cash hogs are sharply higher at midday with moderate negotiated purchases.  Packers remain aggressive in their procurement efforts and are bidding up to move their desired numbers.  Demand for US pork has been strong on the global market and domestically and that’s provided a lot of price support.  The industry expects that to continue.  However, should a disruption occur, it would likely send prices tumbling. Barrows and gilts at the National Daily Direct are $5.05 higher with a base range of $101.80 to $130 and a weighted average of $115.06; the Iowa/Minnesota is $.34 lower with a weighted average of $121.50; The Western Corn Belt is $2.36 higher with a weighted average of $123.45. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices were steady, with moderate demand for moderate offerings at $38 to $49.  Barrow and gilt prices were firm with moderate to good demand for moderate to heavy offerings at $75 to $80.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values are firm at midday – up $.19 at $134.57.  Bellies and picnics are both sharply higher.  Loins are higher.  Butts, hams, and ribs are lower to sharply lower.