Market News

Midday cash livestock markets

Direct cash cattle trade is still quiet.  Bids have surfaced at $138 live.  However, asking prices are holding firm at $143 plus live in the South.  There’s a wide range between the two, which means business could be at a standstill until one side budges.  Today’s Fed Cattle Exchange had an offering of 1,868 head, with zero sold as none met the reserve price. 

Boxed beef was lower at midday with light demand for strong offerings.  Choice is $.60 lower at $271.08 and Select is $.75 lower at $259.54.  The Choice/Select spread is $11.54. 

At the Philip Livestock Auction in South Dakota, the USDA says there was good demand for many load lots and several packages of feeder steers, feeder heifers, and replacement heifers.  They all sold on a very strong market.  Nearly the entire offering was home-raised, very attractive, unweaned calves that were fully preconditioned and carried light to moderate flesh.  Receipts were down from the most recent sale and down on the year.  Feeder supply included 67% steers and 18% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 451 to 495 pounds brought $200 to $217 and feeder steers 553 to 599 pounds brought $170.50 to $188.25.  Medium and Large 1 feeder heifers 508 to 543 pounds brought $160 to $165.50 and feeder heifers 555 to 584 pounds brought $153 to $165. 

Cash hogs were higher at midday with solid negotiated purchases.  Processors continue to monitor the availability of market-ready hogs and have had to work a little harder this week to move their desired numbers.  Demand for US pork on the global market has been strong, which is expected to continue.  However, there are some long-term demand concerns, which has added pressure to the price picture. Barrows and gilts at the National Daily Direct are $.26 higher with a base range of $54 to $59 and a weighted average of $55.68; the Iowa/Minnesota and the Western Corn Belt both had a weighted average of $57.33.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $60. At Illinois, slaughter sow prices are $1 to $3 lower with moderate demand for heavy offerings at $58 to $68.  Barrows and gilts were steady with light demand for moderate offerings at $32 to $39. Boars ranged from $15 to $25 and $10 to $15.

Pork values are lower at midday – down $1.18 at $85.52.  Picnics are sharply lower.  Ribs, butts, and loins are all lower.  Bellies and hams are higher.