Market News

Midday cash livestock markets

Direct cash cattle business is off to a slow start following a couple of days with light to moderate trade.  Bids are at $183 live.  Asking prices are at $184-plus live in the South and $304-plus dressed in the North.  Look for business in the South to pick up over the balance of the week.  Business got underway on Tuesday, so far this week deals in the North were marked at mostly $300 dressed, $10 higher than the prior week’s weighted average basis.  There were a few deals that hit $304 in Nebraska.  Live business in the North had a range of $189 to $191, $3 to $5 higher than the previous week’s weighted averages.  There were just a handful of deals reported in the South with a range of $180 to $184, $3 to $7 higher than the prior week’s weighted averages. 

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $2.55 higher at $327.74 and Select is $2.15 higher at $303.71.  The Choice/Select spread is $24.03. 

At the Hub City Livestock Auction in South Dakota, the best test was on steers 800 to 899 pounds, which were $10 to $15 higher with instances of up to $20 higher.  The best test on heifers was 650 to 699 pounds and 750 to 799 pounds, which were $10 to $15 higher.  The USDA says demand was very good for the large offering that included replacement quality heifers, fall calves, and several strings of big, backgrounded yearling cattle.  Flesh varied, from light to heavy.  The market was active.  Receipts were up on the week and the year.  Feeder supply included 55% heifers and 90% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 960 to 984 pounds brought $205. Medium and Large 1 feeder heifers 813 to 846 pounds brought $205.50 to $217.50 and an average price of $213.59.

Cash hogs are higher at midday with another large round of negotiated purchases.  Packers’ appetite for hogs remains strong and processors are bidding up aggressively to move needed numbers.  Demand for pork on the global market has been strong, with another solid export sales report this week from the USDA.  The industry is optimistic domestic demand will see a boost with the summer grilling season in full swing.  Both could be continued good news for prices.  The industry is also watching the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $1.63 higher with a base range of $84.50 to $96 and a weighted average of $94.07 and the Western Corn Belt is $1.37 higher with a weighted average of $94.29.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $10 to $20.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are higher at midday – up $2.32 at $87.47.  Hams and picnics are both sharply higher.  Ribs and loins are higher.  Butts and bellies are lower.