Market News

Midday cash livestock markets

There’s a light to moderate direct cash cattle trade underway.  Live deals in the South are at $140, roughly $2 lower than the bulk of last week’s business. Northern dressed deals are marked at $220, fully steady with last week’s business.  Asking prices are around $142 to $145 live and $225 plus dressed in the North.  There were a handful of deals reported at $220 dressed in North on Wednesday.  Look for more business to develop over the balance of the week.  Today’s Fed Cattle Exchange had an offering of 1,708 head, of which 278 actually sold at $140. 

Boxed beef was mixed at midday on light to moderate demand for solid offerings.  Choice is $.16 higher at $264.27 and Select was $1.24 lower at $251.85.  The Choice/Select spread is $12.42. 

At the Hub City Livestock Auction in South Dakota, compared to Saturday’s sale, steer calves 500 to 550 pounds were $3 to $4 higher, 551 to 700 pounds were mostly steady.  Heifer calves 500 to 600 pounds were mostly steady, 601 to 650 pounds were $3 to $4 higher.  There was very good demand for yearlings again this week.  There were less yearlings on offer than last week, and a handful of loads and packages available.  The USDA says there was very good demand for calves.  Quality and preconditioning was good.  The market was active.  Receipts were down from the most recent sale and on the year.  Feeder supply included 59% steers and 66% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 612 to 649 pounds brought $173 to $188.75 and feeder steers 901 to 921 pounds brought $170.25 to $171.50.  Medium and Large 1 feeder heifers 553 to 593 pounds brought $152.50 to $165.50 and feeder heifers 605 to 643 pounds brought $153.50 to $161.75. 

Cash hogs are sharply higher at middays as processors bid up to move their desired numbers.  Demand for US pork on the global market and domestically is strong.  But, there are some long-term concerns, which have been adding pressure to prices recently.  All eyes continue to watch the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $4.29 higher with a base range of $56 to $47 and a weighted average of $59.81; both the Iowa/Minnesota and the Western Corn Belt had weighted average of $63.40.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $44.

Pork values are higher – up $.27 at $90.71.  Bellies and loins were both sharply higher.  Ribs were higher.  Butts are higher.  Picnics are lower and hams are sharply higher.