Market News

Midday cash livestock markets

Direct cash cattle trade activity is improving.  Bids have surfaced at $163 to $164 live and $263 dressed.  Asking prices are at $265 dressed in the North and $165 live in the South.  There could be some business that takes place yet today, but significant trade volume will more than likely hold out until sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 972 head (7 lots in total).  One lot of heifers in Texas sold at $163, the rest did not meet reserve prices at $163 to $165. 

Boxed beef is mixed at midday on light to moderate demand for strong offerings.  Choice is $2.28 higher at $282.20 and Select is $1.95 lower at $269.60.  The Choice/Select spread is $12.60. 

At the Philip Livestock Auction in South Dakota, the USDA says there was very good demand for several load lots and many part-loads and packages of cattle.  All sold on a very strong, active market.  Demand was especially strong for replacement heifers and cattle suitable for grass.  The feeder steers and heifers in the offering consisted of home-raised and purchased cattle carrying light to moderate flesh.  There were several sets of replacement heifers offered.  According to the market reports, the recent precipitation has helped to improve the outlook in cattle country.  Receipts were up slightly on the week and up on the year.  Feeder supply included 38% steers and 68% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 554 to 579 pounds brought $236 to $238.75 and feeder steers 801 to 843 pounds brought $187.50 to $194.25.  Medium and Large 1 feeder heifers 551 to 590 pounds brought $198 to $211 and feeder heifers 720 to 742 pounds brought $176 to $185. 

Cash hogs have no comparison at midday but solid negotiated purchases.  If today’s business follows the trend of recent weeks, it could be another solid day of business at stronger prices.  While demand has held relatively strong, there is some serious concern it could be impacted by ongoing uncertainties surrounding the global economy.  Supplies of market-ready hogs are solid and that continues to give packers a bit of an upper hand. Barrows and gilts at the National Daily Direct had no comparison but a base range of $76 to $79 and a weighted average of $77.29.  Prices at the Regional Direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values are lower at midday – down $1.02 at $80.50.  Hams are sharply lower.  Picnics and bellies are lower.  Butts, loins, and ribs are higher.