Market News

Midday cash livestock markets

Direct cash cattle trade is underway.  Live deals are at $138 in the South and $140 in the North, steady to slightly higher than last week’s business.  Dressed business is at $220, steady to $1 lower than last week’s weighted average basis in Nebraska.  Asking prices are firm at $140 live in the South and $222 plus dressed in the North.  Look for more business to develop over the balance of the week.  Today’s Fed Cattle Exchange had an offering of 2,059 head, of which just 239 head sold at $138. 

Boxed beef is higher at midday on solid demand for strong offerings.  Choice is $.65 higher at $267.47 and Select is $1.16 higher at $260.39.  The Choice/Select spread is $7.08.

At the Sioux Falls Regional Cattle Auction in South Dakota, compared to two weeks ago feeder steers under 550 pounds sold with a lower undertone.  Steers 550 pounds and up were $2 to $5 higher.  Feeder heifers 550 pounds and under all sold with higher undertones, heifers 600 to 650 pounds were steady to $3 lower, heifers 650 to 750 pounds were $7 to $8 higher.  The USDA says demand for the large offering was good.  There were several large lots of cattle offered.  Receipts were up from two weeks ago and on the year.  Feeder supply included 53% steers and 77% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 747 pounds brought $166 to $179.50 and feeder steers 754 to 794 pounds brought $156.75 to $169.50.  Medium and Large 1 feeder heifers 603 to 649 pounds brought $152 to $167 and feeder heifers 805 to 842 pounds brought $147.75 to $153.10. 

Cash hogs opened sharply higher with strong negotiated purchases.  Processors were aggressive in their procurement efforts to start the day.  The industry continues to monitor the availability of market-ready barrows and gilts.  Demand for US pork on the global market has been strong, which is expected to continue in the near term, however, there are some long-term demand concerns which has put some pressure on prices recently.  Hog weights this week increased to 291.4 pounds, up from 290.8 pounds the previous week, but down from 291.6 pounds a year ago. Barrows and gilts at the National Daily Direct are up $5.14 with a base range of $59 to $70 and a weighted average of $66.90; both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $69.16.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $48. 

Pork values are sharply higher at midday – up $7.96 at $93.43.  Bellies jumped more than $29 to start the day.  Picnic sand hams were both sharply higher.  Ribs and butts were higher.  Loins were lower.