Market News

Midday cash livestock markets

Direct cash cattle markets are at a standstill. Asking prices are $158 to $160 on the live basis in the south and $252+ dressed. Bids are hard to come by, but packer inquiry should start improving soon, with widespread trade expected to develop late this afternoon or some time tomorrow. Beef export sales of 25,200 tons were up modestly on the week, primarily to South Korea, Japan, and China.

Boxed beef at midday was modestly higher with good movement. Choice was up $.11 at $265.18 and Select beef was $.68 higher at $253.46 for a spread of $11.72.

At the Hub City Livestock Auction feeder cattle sale in South Dakota, compared to last week, 550-to-850-pound steers were steady and 500-to-700-pound heifers were $2 to $7 higher. The USDA says demand was good to very good with many packages and loads on offer, mostly home raised, with some backgrounded. The backgrounded cattle that were present had more flesh, with fewer grass types. Receipts were down on the week and the year. 62% of the run were steers and 78% of the total offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds ranged from $199 to $216 and 700 to 800 pound steers brought $178 to $195.75. Medium and Large 1 feeder heifers weighing 500 to 600 pounds sold at $181 to $200 and 600-to-700-pound heifers were reported at $173 to $190.

Cash hogs are steady to higher with solid opening negotiated sales at the major direct markets. It looks like business might have at least one more round of higher trade this week as buyers work to secure their near-term needs. Pork exports of 30,900 tons were down on the week, mainly to Mexico, with smaller amounts to Japan and Canada and no sales to China.

National direct barrows and gilts opened $2.43 higher with a base price range of $70 to $77 for a weighted average of $72.86. At the regional direct markets, there were no reported comparisons, with an average of $75.31 for Iowa/Southern Minnesota and $75.10 for the Western Corn Belt. Midwest butcher hog markets are steady at $60 in Dorchester, Wisconsin, $66 in Garnavillo, Iowa, and $52 in Red Oak, Iowa. Illinois direct sows are steady at $30 to $42 on moderate demand and offerings. Barrows and gilts are steady at $54 to $64, also with moderate demand for moderate offering. Boars range from $10 to $20.

Pork at midday was up $2.86 at $81.81. Loins, butts, picnics, hams, and bellies were firm to sharply higher, with ribs sharply lower.

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