Market News

Midday cash livestock markets

It’s a quiet start to direct cash cattle trade activity after the solid day of business on Thursday.  Dressed deals in the North were marked at mostly $292 and live business in the South was at mostly $183, both were generally steady with the prior week’s weighted averages.  Asking prices for what’s left on showlists are around $184-plus live in the South and $293-plus dressed in the North.  There might be a little cleanup trade trickle-in, but it’s likely the bulk of the week’s business has wrapped up. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $2.24 higher at $304.17 and Select is $1.30 higher at $280.30.  The Choice/Select spread is $23.87. 

At the Mitchell Livestock Auction in South Dakota, steers were not well tested due to limited comparisons.  Heifers 900 to 1000 pounds were $5 lower. The USDA says demand was very active.  There were some new spring calves in the offering and those with shots and light flesh were in high demand and brought top dollar.  Receipts were down on the week and up on the year.  Feeder supply included 32% steers and 76% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 546 pounds, unweaned, brought $302.50 to $316 and feeder steers 884 pounds brought $250.  Feeder heifers 900 to 943 pounds brought $221.50 to $230 and feeder heifers 974 to 991 pounds brought $211 to $216.50. 

Cash hogs had no comparisons at midday, but solid negotiated purchases.  The market was fairly strong the first half of the week, but pulled back on Thursday.  Processors like have needed numbers in hand and aren’t expected to be too aggressive int heir procurement efforts to finish the week.  Demand for US pork on the global market remains relatively strong, as supported by a solid export sales report on Thursday.  But there are concerns domestic demand could slow as summer grilling season winds down. Barrows and gilts at the National Daily Direct have no comparison but a base range of $73 to $80 and a weighted average of $77.95. No comparisons at the regional direct markets but weighted averages of $78.78 for the Iowa/Minnesota and the Western Corn Belt and $76.12 for the Eastern Corn Belt. 

Butcher hog prices at the Midwest cash markets are steady at $58. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $29 to $40.  Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49.  Boars ranged from $20 to $25 and $10 to $12. 

Pork values are lower at midday – down $.29 at $98.46.  Bellies are sharply lower.  Ribs and loins are lower.  Hams, butts, and picnics are all higher to sharply higher.