Market News

Midday cash livestock markets

It’s a quiet start to the day for direct cash cattle business following the last two days of light to moderate trade.  Southern live deals have been at $183, fully steady with the bulk of the previous week’s business.  Northern dressed deals have been at mostly $290 to $291, $1 to $2 below the prior week’s weighted averages.  Asking prices for what’s left on showlists are around $183-plus live in the South and $292-plus dressed in the North. 

Boxed beef is mixed at midday on light to moderate demand for solid offerings.  Choice is $.53 higher at $301.48 and Select is $.29 lower at $278.22.  The Choice/Select spread is $23.26. 

At the Hub City Livestock Auction in South Dakota, the best test was on steers 900 to 949 pounds, and they were mostly steady, other weight classes were not well compared.  The best test on heifers was 800 to 899 pounds, which were steady to $3 lower.  The UDSA says demand was good to very good for strings, loads, and packages of years.  There was more flesh overall.  Grass cattle were in mostly light to moderate flesh.  Quality varied, and there were more plain cattle offered than in recent weeks.  The market was moderate to active.  Receipts were up on the week and down on the year.  Feeder supply included 45% steers and the entire offering was over 600 pounds.  Medium and Large 1 feeder steers 908 to 941 pounds brought $245.50 to $255.25 and feeder steers 953 to 999 pounds brought $234.50 to $240.50.  Medium and Large 1 feeder heifers 802 to 847 pounds brought $232 to $247 and feeder heifers 863 to 899 pounds brought $235 to $240. 

Cash hogs are mixed at midday with fairly light negotiated purchases.  The cash hog market has struggled this week as packers haven’t been very aggressive in their procurement efforts.  Market-ready hog supplies are ample, and processors have had very little reason to bid up to move needed numbers.  While export sales pulled back some this week, overall demand for US pork on the global market has been strong.  The industry is looking ahead to today’s Quarterly Hogs and Pigs report. Barrows and gilts at the National Daily Direct are $.64 lower with a base range of $72 to $77 and a weighted average of $76.08; the Iowa/Minnesota had no comparison but a weighted average of $76.41; the Western Corn Belt is $.31 higher with a weighted average of $76.41.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $26 to $37.  Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49.  Boars ranged from $20 to $25 and $5 to $10. 

Pork values are lower at midday – down $1.56 at $96.20.  Bellies, ribs, picnics, and butts are sharply lower.  Loins and hams are lower.