Midday cash livestock markets
Direct cash cattle trade activity is picking up. Bids have been floated at $153 to $154 live and $248 dressed. Asking prices are around $157 plus live in the South and $250 plus dressed in the North. Look for additional business to develop over the balance of the day. There was a light to moderate trade that took place in the North on Thursday with deals marked at mostly $248, fully steady with the prior week’s weighted averages.
Boxed beef was lower at midday on light demand for light offerings. Choice was $.21 lower at $268.54 and Select was $1.17 lower at $250.32. The Choice/Select spread is $18.22.
At the Mitchell Livestock Auction in South Dakota, feeder steers 600 to 700 pounds were $6 to $12 higher, steers 750 to 800 pounds were $9 higher, and 800 pounds and up had a higher undertone. Heifers 550 to 600 pounds were $8 higher, and heifers 600 to 950 pounds were $1 to $4 higher. The USDA says demand was very good. There was a large amount of large load lots in all weight classes offered and buyers were interested in top-quality feeders. Receipts were up on the week and the year. Feeder supply included 40% steers and 87% of the offering was over 600 pounds. Medium and Large 1 feeder steers 750 to 799 pounds brought $180.50 to $193.25 and feeder steers 801 to 844 pounds brought $172 to $183.75. Medium and Large 1 feeder heifers 703 to 749 pounds brought $168.50 to $175.10 and feeder heifers 800 to 843 pounds brought $162.10 to $173.50.
Cash hogs are firm at midday with strong negotiated purchases. Processors came back aggressive with their procurement efforts to start the day and bid up to move their desired numbers. The weekly export sales report showed strong demand for US pork, which helps provide some price support. Demand has also been strong in the domestic market, especially with pork a value buy in the retail space. The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $.31 higher with a base range of $63 to $73 with a weighted average of $70.64; there were no comparisons at the Iowa/Minnesota or the Western Corn Belt but weighted averages of $71.59 and $71.49. Prices at the Eastern Corn Belt were not reported due to confidentiality.
At Illinois, slaughter sow prices were steady with light to moderate demand for light to moderate offerings at $30 to $42. Barrows and gilt prices were steady with moderate demand for moderate offerings at $54 to $64. Boars ranged from $15 to $20 and $10 to $13.
Pork values are lower at midday – down $1.42 at $79.04. Hams, bellies, loins, and picnics were all lower. Ribs and butts were higher.