Market News

Midday cash livestock markets

Direct cash cattle trade was quiet on Friday following the light, scattered round of business that took place on Thursday. Asking prices for what’s left on showlists are around $173 live in the South and $288 dressed in the North.  The week’s business has likely concluded, but some cleanup deals could still be reported. For the week, Southern live deals were at mostly $171, about steady in Kansas and $1 higher than the prior week’s weighted averages in Texas.  Dressed deals in the North were marked at $285 to $286, $4 to $5 higher than the previous week’s weighted average basis. 

Boxed beef was higher at midday on solid demand for light offerings.  Choice is $3.95 higher at $303.89 and Select is $.21 higher at $284.75.  The Choice/Select spread was $19.14. 

At the Mitchell Livestock Auction in South Dakota, feeder steers 850 to 1100 pounds were $8 to $15 higher.  Feeder heifers up to 800 pounds sold with a higher undertone and heifers 800 to 1000 pounds were steady to $5 higher.  The USDA says demand was good with many large load lots in the offering.  Receipts were down slightly on the week, but up on the year. Feeder supply included 46% steers and 95% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 869 to 890 pounds brought $204.50 to $214.10 and feeder steers 923 to 948 pounds brought $195 to $212.10.  Medium and Large 1 feeder heifers 855 to 889 pounds brought $184.25 to $190 and feeder heifers 905 to 942 pounds brought $184.10 to $187.50. 

Cash hogs are lower at midday with moderate negotiated purchases.  Packers haven’t been as aggressive this week and haven’t needed to bid up to move their desired numbers.  Prices have pulled back from the big move-up earlier in the week.  One consistent component of the market is that ample supplies of market-ready hogs allows the market to move at the will of processors.  Export sales were sluggish this week, which adds uncertainty around long-term demand for US pork. Barrows and gilts at the National Daily Direct are $3.63 lower with a base range of $74 to $87 and a weighted average of $75.36.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $60. At Illinois, slaughter sow prices were steady, with moderate demand for moderate offerings at $10 to $20.  Barrows and gilts were steady with moderate demand for moderate offerings at $44 to $54.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are higher at midday – up $2.54 at $83.73.  Hams and ribs were sharply higher.  Picnics, loins, and butts were higher.  Bellies were lower. 

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