Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade is underway.  Deals in the South are at $123 to $124 live, about steady with last week’s weighted averages.  There’s also been a light to moderate dressed trade reported in the North at $200, $1 lower than last week’s weighted average basis in Nebraska.  Many of those are marked for delayed delivery.  Asking prices are around $125 plus live in the South and $202 plus dressed in the North.  Look for additional business to develop over the balance of the week.  Today’s Fed Cattle Exchange was delayed due to technical issues.

Boxed beef was sharply lower at midday on light demand for heavy offerings.  Choice is $2.38 lower at $320.51 and Select is $3.64 lower at $286.98.  The Choice/Select spread is $33.53. 

At the Philip Livestock Auction in South Dakota, there was good demand for several long strings, load lots, and many packages of feeder steers, feeder heifers, and tested open heifers.  The USDA says this was the first reported offering of spring calves, which are being offered earlier due to the drought this year.  The heavier cattle and larger groups of spring calves sold on an active market, however, smaller groups of spring calves sold on a slower market with moderate demand and wide price gaps.  Nearly the entire offering was home-raised and off grass, carrying light to moderate flesh.  Receipts were down on the week and up on the year.  Feeder supply included 50% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 411 to 435 pounds brought $181.50 to $198 and feeder steers 504 to 544 pounds brought $172.50 to $195.  Medium and Large 1 feeder heifers 805 to 837 pounds brought $137.50 to $143 and feeder heifers 868 to 897 pounds brought $137 to $140.50. 

Cash hogs are lower at midday with solid negotiated purchases.  Processors continue to watch the availability of market-ready barrows and gilts.  The industry remains optimistic demand for US pork on the global market and domestically will hold strong, but there is some amount of uncertainty.  And prices have reflected that.  Hog weights this week are up 3.2 pounds 282.1, that’s also up 2.4 pounds from year-ago levels. Barrows and gilts at the National Daily Direct are $.59 lower with a base range of $81 to $86 and a weighted average of $83.52.  The Iowa/Minnesota had a weighted average of $85.32 and the Western Corn Belt had a weighted average of $84.84.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $70. At Illinois, slaughter sow prices are $1 to $2 lower with good demand for heavy offerings at $60 to $77.  Barrows and gilts were $1 to $2 lower with moderate demand for moderate offerings at $51 to $60.  Boars ranged from $35 to $40 and $15 to $18. 

Pork values are higher – up $.41 at $105.61.  Butts are sharply higher.  Picnics, hams, and bellies are all higher.  Loins and ribs are sharply lower. 

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