Market News

Midday cash livestock markets

There’s some scattered direct cash cattle business developing across cattle country.  Live deals in the South are at $142, about $2 higher than last week’s weighted averages.  Some bids have been raised in Nebraska to $230 to $234, but no one is biting yet.  Asking prices are at $143 to $145 live in the South and $240-plus dressed in the North.  Look for additional business to develop throughout the day. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $.27 higher at $264.61 and Select is $1.36 higher at $239.25.  The Choice/Select spread is $25.36. 

At the Hub City Livestock Auction in South Dakota, there was no accurate price trend available.  The USDA says demand for all weights of cattle was very good and cattle coming off grass were met with excellent demand.  There were several strings along with many load lots and packages in the offering, both off-grass and out of yards.  Flesh varied, but was mostly light to moderate plus and quality was average to attractive.  The market was active.  Receipts were up from the most recent sale and down on the year.  Feeder supply included 50% steers and 97% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 811 to 837 pounds brought $185.25 to $194 and feeder steers 903 to 947 pounds brought $175.50 to $187.50.  Medium and Large 1 feeder heifers 857 to 895 pounds brought $165 to $178 and feeder heifers 900 to 947 pounds brought $161 to $176.

Cash hogs were sharply lower at midday with moderate negotiated purchases.  Processors didn’t have to bid up to move their desired numbers.  The industry continues to monitor the availability of market-ready hogs.  Long-term demand uncertainty continues to creep in and put pressure on prices. Barrows and gilts at the National Daily Direct are $9.75 lower with a base range of $115.50 to $132 and a weighted average of $119.12; the Iowa/Minnesota is $3.12 lower with a weighted average of $129.77; the Western Corn Belt is $4.60 lower with a weighted average of $128.27.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $3 lower at $72.  Prices in Red Oak, Iowa are $3 higher at $77. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $69 to $81.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $55 to $58 and $10 to $20. 

Pork values are about steady at midday – up $.05 at $118.52.  Hams, ribs, butts, and loins are all higher.  Picnics and bellies are lower and sharply lower.