Market News

Midday cash livestock markets

It’s a quiet start to the day for direct cash cattle trade activity.  No bids have been renewed yet.  Asking prices for cattle left on showlists are around $138 live in the South and $220 dressed in the North.  While the bulk of the week’s business has likely wrapped up, there could be some additional business trickle in before the end of the day Friday.  So far this week dressed deals in the North have been at mostly $218, fully steady with last week’s weighted averages.  Many of those are marked for delayed delivery.  Live deals in the South have been at mostly $137, $1 to $1.50 higher than last week’s weighted averages.  There was a special Fed Cattle Exchange this morning, with 3,398 head offered and 681 head sold at $137. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $1.50 higher at $293.10 and Select is $2.40 higher at $282.83.  The Choice/Select spread is $10.27. 

At the Hub City Livestock Auction in South Dakota, compared to last week steers 550 to 700 pounds were $1 to $3 higher, and steers 701 to 850 pounds were mostly steady.  Heifers 550 to 700 pounds were mostly steady, heifers 701 to 740 pounds were $2 to $4 higher.  There was another large offering which featured many packages and loads of mostly home-raised steers and heifers.  The USDA says cattle suitable for grass programs saw very good demand again this week and feeder cattle also saw good to very good demand.  Quality was mostly average to attractive, flesh varied from light to some heavy.  The market was active.  Feed supplies are tighter and that’s bringing some cattle to town earlier than normal.  Receipts were up on the week and the year.  Feeder supply included 64% steers and 78% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 652 to 697 pounds brought $172.25 to $183.90 and feeder steers 701 to 741 pounds brought $160 to $177.25.  Medium and Large 1 feeder heifers 553 to 587 pounds brought $161.50 to $176 and feeder heifers 601 to 645 pounds brought $159.50 to $171.50. 

Cash hogs are sharply lower at midday with light negotiated purchases. Processors continue to monitor the availability of market-ready hogs.  Supplies have been ample, and processors are moving their desired numbers without having to be aggressive in their procurement efforts.  While demand for US pork has been strong on both the global market and domestically, there are some long-term concerns which have been adding pressure to prices. Barrows and gilts at the National Daily Direct are $8.93 lower with a base range of $60 to $73 and a weighted average of $61.15; both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $65.26.  Prices are the Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $47. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $28 to $40.  Barrows and gilts were $1 higher with moderate demand for moderate offerings at $41 to $47.  Boars ranged from $15 to $20 and $10 to $15. 

Pork values are lower at midday – down $3.07 at $92.43.  Hams dropped more than $26 to start the day.  Ribs are also sharply lower.  Picnics are lower.  Ribs, butts, and bellies are higher to sharply higher.