Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet for this Friday.  And while there is a small possibility of a little clean-up trade today, it’s likely the bulk of the week’s business is finished. Deals this week have been around $135 to $138 live in the South, mostly $136 to $137, steady to $1 lower than last week’s weighted averages.  Northern dressed deals have been marked at $217 to $218, mostly $218, fully steady with last week’s weighted averages basis in Nebraska.    

Boxed beef was higher at midday on solid demand for light offerings.  Choice is $1.54 higher at $290.65 and Select is $3.90 higher at $283.  The Choice/Select spread is $7.65. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 600 to 950 pounds were steady to $4 lower and heifers 600 to 850 pounds were steady to $2 higher.  The USDA says there were many load lots in the day’s offerings.  Demand was good.  Receipts were down slightly on the week and the year.  Feeder supply included 51% steers and 88% of the offering was over 600 pounds.  Medium and Large 1 feeder steer 704 to 749 pounds brought $163.25 to $171.50 and feeder steers 808 to 848 pounds brought $153.50 to $160.35.  Medium and Large 1 feeder heifers 602 to 644 pounds brought $155 to $165 and feeder heifers 762 to 794 pounds brought $143 to $150.25. 

Cash hogs opened sharply lower with light negotiated purchases.  Processors are moving their desired numbers without having to get aggressive in their procurement efforts.  Demand for US pork on the global market has been strong, which is expected to continue.  However, there are long term demand concerns which has been pressuring prices.    Barrows and gilts at the National Daily Direct are $4.12 lower with a base range of $63 to $77 and a weighted average of $77.50 and the Western Corn Belt is $10.03 lower with a weighted average of $71.95.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with light to moderate demand for light offerings at $34 to $44.  Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $48.  Boars ranged from $20 to $25 and $10 to $15. 

Pork values are weak at midday – down $.15 at $98.04.  Butts, picnics, and loins are higher to sharply higher.  Ribs are lower.  Hams and bellies are sharply lower.