Market News

Midday cash livestock markets

It was a slow start to direct cash cattle trade activity following Wednesday’s light to moderate business.  Southern live deals were marked at mostly $123 to $124, steady with last week’s weighted averages, while deals in the North were mostly $200 dressed, down $1 from the weighted average for Nebraska. Asking prices for what’s left on the show list are $125 on a live basis and $202 dressed. Beef export sales of 15,300 tons were 23% higher than the previous week, with Japan and South Korea leading the way.

Boxed beef continued its’ slide at midday, with Choice down $1.58 at $318.24 and Select $2.09 lower at $281.80. The Choice/Select spread is $36.44.

At the OKC West Livestock Auction in El Reno, Oklahoma, compared to the previous week, feeder steers were fully steady, heifers were $2 to $6 lower with a plainer offering, and while steer and heifer calves were too lightly tested for an accurate trend, a lower undertone was noted. The USDA says demand was light for heifers and moderate for steers and calves. Receipts of 7,245 head were up on the week and the year. 67% of the run were feeder steers and 86% of the total offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 790 pound ranged from $148.75 to $159.50 and 800 to 800-pound steers brought $141 to $157. Medium and Large 1 feeder heifers weighing 720 to 760 pounds sold at $141 to $147 and 820-to-880-pound heifers were reported at $131 to $144.25.

Cash hogs are steady to lower with solid opening negotiated numbers for the major direct markets. Most buyers have issued another round of mostly lower bids, continuing to monitor the volatility in cash, futures, and wholesale business. Buyers have been able to move the needed numbers at lower prices over the last week couple of weeks, using those still ample market ready supplies for leverage. Demand strength for US pork on the global market and domestically has Pork exports of 25,300 tons were down 25% on the week, with Mexico and the Dominican Republic the top buyers. China picked up a relatively routine 1,800 tons.

National direct barrows and gilts opened $1.91 lower at $80 to $91 with a weighted average of $81.61. The Western Corn Belt has a weighted average of $80.91, while the Eastern Corn Belt and Iowa/Southern Minnesota direct markets were not reported due to confidentiality.

The butcher hog market at Dorchester, Wisconsin is $2 lower at $68.

At Illinois, slaughter sow prices were $1 to $2 lower with good demand for moderate to heavy offerings at $59 to $75.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $60.  Boars ranged from $30 to $40 and $12 to $18.  Pork values were higher at midday – up $2.47 at $108.17.  Bellies jumped nearly $20 and loins were up almost $13.  Ribs and picnics were firm to higher, while hams