Market News

Midday cash livestock markets

Packer inquiry has picked up, but direct cash cattle trade activity remains relatively quiet.  Bids have surfaced in the South at $154 live and in the North at $248 dressed.  Asking prices are around $158-plus live in the South and $249-plus dressed in the North. There was some very light, scattered trade reported in Nebraska and Iowa on Wednesday at $244 to $248 dressed, but not enough business to establish a trend.  Look for more trade to develop over the balance of the week. 

Boxed beef was higher at midday on moderate demand for light offerings.  Choice is $.35 higher at $274.43 and Select is $1.90 higher at $255.76.  The Choice/Select spread is $18.67. 

At the Hub City Livestock Market in South Dakota, steer calves 550 to 650 pounds were mostly steady, steers 651 to 800 pounds were $2 to $4 lower.  Heifer calves 450 to 700 pounds were $4 to $8 lower.  There were too few yearlings recently for an accurate trend.  The USDA says this week’s sale was comprised of mostly calves featuring many loads and packages of home-raised calves.  Demand was moderate to good for calves carrying some flesh, good to very good for greener calves with black hides that could fit grass programs.  The market was moderate to active.  Receipts were down slightly on the week and down on the year.  Feeder supply included 62% steers and 69% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 709 to 743 pounds brought $181.50 to $195.50 and feeder steers 759 to 792 pounds brought $173 to $183.75.  Medium and Large 1 feeder heifers 604 to 643 pounds brought $172.75 to $189 and feeder heifers 653 to 684 pounds brought $166 to $172.25.

Cash hogs were lower at midday with moderate negotiated purchases.  The cash hog market has been stuck in a rut.  Demand has been lackluster, even at lower prices.  Processors have been able to move their desired numbers without having to get aggressive in their procurement efforts and bidding up.  The industry continues to monitor the availability of market-ready hogs.  All eyes are on the global economy, with worries that if continues to slow it could put even more pressure on demand and push prices even lower. Barrows and gilts at the National Daily Direct are $.20 lower with a base range of $68 to $74 and a weighted average of $70.06; the Iowa/Minnesota had no comparison but a weighted average of $70.42; the Western Corn Belt had no comparison but a weighted average of $69.59.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $56. 

Pork values are firm at midday – up $.27 at $78.16.  Hams were sharply higher.  Picnics were also higher.  Loins, butts, ribs, and bellies were lower to sharply lower.