Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. For the week to date, trade has been extremely limited, with Wednesday’s activity very light at $163 live in Kansas and $262 dressed in Iowa. Packer inquiry remains light with widespread business waiting until this afternoon or Friday. Asking prices are $167+ live. Beef export sale were a marketing year low at 5,600 tons following small reductions by several key customers, including a net cancellation by South Korea.

Boxed beef was lower at midday with light movement. Choice was down $.11 at $284.67 and Select beef was $1.99 lower at $276.13 for a spread of $8.54.

At the Hub City Livestock Auction feeder cattle sale in South Dakota, compared to the previous week, 550 to 600 pound steers were $4 to $6 lower, while 601 to 650 steers had no good comparison, 651 to 800 pound steers were $2 to $6 higher, 801 to 900 pounders were mostly steady, and 901 to 950 pound steers were up $1 to $2. 500 to 550 pound heifers were mostly steady, with the 551 to 650 pound category at steady to $3 higher, 651 to 700 pound heifers $4 to $6 lower, and 701 to 750 pound heifers mostly steady. The USDA says demand was good to very good for another large offering with many loads and packages, along with a few consignments of quality replacement heifers. The overall quality ranged from plain to attractive, with flesh light to moderate plus and even heavy in some cases. Recent winter weather has kept producers busy digging out while keeping their cattle fed and bedded and some tag was present due to dirty lot conditions. Receipts were up on the week, down on the year. 64% of the offering were steers and 84% of the feeder run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds ranged from $187 to $210.50 and 850 to 950 pound steers brought $177 to $194.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds sold at $172 to $205.25 and 700-to-800-pound heifers were reported at $171.50 to $188.

Cash hogs are mixed with a moderate opening negotiated run at the major direct markets. It looks like many buyers have the needed near-term numbers in hand after the strong negotiated movement earlier in the week. Sustained demand for pork continues to be somewhat of a question mark. Pork exports of 22,100 tons were lower than average.

National direct barrows and gilts opened $.22 lower with a base price range of $75 to $80 for a weighted average of $78.27, while Iowa/Southern Minnesota and the Western Corn Belt are both $.53 higher with an average of $78.93. The Eastern Corn Belt is not reported due to confidentiality. Butcher hogs at the Midwest cash markets are $2 lower at $58. Illinois direct sows are $1 lower at $51 to $63 with moderate demand for moderate offerings. Barrows and gilts are steady at $51 to $61 on moderate demand and offerings. Boars range from $8 to $25.

Pork at midday was $.34 lower at $87.32. Loins, butts, picnics, and hams were modestly to sharply lower. Ribs and bellies were higher.

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