Market News

Midday cash livestock markets

Another round of light direct cash cattle trade is underway.  Dressed deals in the North are at $218, $2 lower than last week’s weighted average basis in Nebraska.  Most of those deals are marked for delivery for the weeks of January 24 and January 31st.  Some live deals have also been reported at $137 and $138.  Asking prices for cattle left on showlists are around $138 live in the South and $222 plus dressed in the North.  Tuesday’s deals were from $136 to $137 live in the South.  Today’s Fed Cattle Exchange had an offering of 3,056 head, with just 379 actually sold at $137 and $129. 

Boxed beef is higher at midday with good demand for solid offerings.  Choice is $1.05 higher at $279.27 and Select is $1.82 higher at $270.45.  The Choice/Select spread is $8.82. 

At the Philip Livestock Auction in South Dakota, the USDA says demand was good for several load lots and many packages of feeder steers, feeder heifers, and replacement heifers, all of which sold on an active market.  Nearly the entire offering was home-raised and weaned at least 45 days and had multiple rounds of vaccinations.  Much of the supply carried light to moderate flesh.  Calves with heavier flesh experienced more moderate trade activity.  Feeder supply included 53% steers and 71% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 608 to 648 pounds brought $179 to $193.50 and feeder steers 752 to 775 pounds brought $161.50 to $170.50.  Medium and Large 1 feeder heifers 553 to 599 pounds brought $159 to $173.50 and feeder heifers 602 to 649 pounds brought $158 to $164.75. 

Cash hogs opened higher with a moderate negotiated run.  The industry continues to monitor the availability of market-ready hogs.  Processors bid up to move their desired numbers and were a little more aggressive in their procurement efforts.  Demand for US pork on the global market has been strong and that is expected to continue.  However, there is some long-term concern, which has put some pressure on prices.  Hog weights this week increased to 292.2 pounds, up from 291.4 pounds last week, but down from 293.1 pounds on the year. Barrows and gilts at the National Daily Direct are $.48 higher with a base range of $62 to $69 with a weighted average of $64.75 and the Eastern Corn Belt had a weighted average of $64.56.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

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

Pork values are sharply higher at midday – up $5.40 at $87.02.  Hams, bellies, and picnics are all sharply higher.  Loins are higher.  Ribs and butts are sharply lower. 

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