Market News

Midday cash livestock markets

An active start for direct cash cattle trade.  There’s light to moderate business reported in most areas.  Live deals in the South are at mostly $124, which is steady for Texas and $1 higher than last week’s weighted averages in Kansas.  Northern dressed business is marked at $196, fully steady with the bulk of last week’s business.  Asking prices are firm around $125 to $126 live in the South and $198 plus dressed in the North.  Today’s Fed Cattle Exchange had a total offering of 3,449 head, of which 414 actually sold at $123 to $124.25. 

Boxed beef was weak to lower at midday on light demand for moderate offerings.  Choice is $.13 lower at $287.58 and Select is $1.52 lower at $266.26.  The Choice/Select spread is $21.32. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers 400 to 450 pounds were steady, steers 450 to 500 pounds were $2 higher, steers 500 to 800 pounds were steady, and 800 to 950 pounds were $2 to $3 higher.  Feeder heifers 400 to 450 pounds were steady, 450 to 500 pounds were $3 lower, 800 to 850 pounds were steady, and 900 to 950 pounds were $3 higher.  The USDA says there was good demand for many long strings, load lots, and packages of feeder steers and feeder heifers, all of which sold on an active to very active market.  The entire offering under 650 pounds were home-raised, straight off the cow, were vaccinated in the spring and the fall, and carried light to moderate flesh.  Receipts were up on the week and the year and feeder supply included 67% steers with 22% of the offering over 600 pounds.  Medium and Large 1 feeder steers 501 to 547 pounds brought $176.25 to $194.50 and feeder steers 552 to 594 pounds brought $168.75 to $186.50.  Medium and Large 1 feeder heifers 451 to 498 pounds brought $156.50 to $170 and feeder heifers 502 to 544 pounds brought $154 to $164.50. 

Cash hogs are lower at midday with solid negotiated purchases.  In recent weeks the market has seen processors move their desired numbers at lower prices as supplies of market-ready hogs have been more than ample.  Demand for US pork on the global market and domestically has been strong, but there are concerns about the long-term picture, and prices have reflected that.  Barrows and gilts at the National Daily Direct are $1.26 lower with a base range of $68 to $71.50 and a weighted average of $70.03.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60 in Dorchester, Wisconsin and $2 lower at $49 in Red Oak, Iowa. 

Pork values are sharply higher at midday – up $8.76 at $116.89.  Hams are up more than $21 and bellies are up nearly $11.  Butts, picnics, and ribs are also sharply higher.  Loins are about steady.