Market News

Midday cash livestock markets

It’s another quiet start for direct cash cattle business following a couple of days of light to moderate activity.  So far this week Northern dressed deals have had a range of $288 to $293, mostly $290 to $291, $1 to $2 lower than last week’s weighted averages.  Southern live deals were marked at $182 to $183, mostly $183, fully steady with the previous 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 with light to moderate demand for solid offerings.  Choice is $.90 higher at $302.41 and Select was $.11 lower at $277.33.  The Choice/Select spread is $25.08. 

At the Mitchell Livestock Auction in South Dakota, there were not enough steers on offer for an accurate price trend.  Feeder heifers up to 850 pounds were met with a lower undertone.  Heifers 850 to 1000 pounds were steady to $7 lower.  The USDA says demand was good.  Flesh quality was a main factor in the day’s business.  Receipts were up on the week and the year.  Feeder supply included 63% heifers and 78% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 920 to 923 pounds brought $246.25 to $247.75 and feeder steers 960 to 987 pounds brought $225.50 to $230.25.  Medium and Large 1 feeder heifers 903 to 919 pounds brought $218 to $221.25 and feeder heifers 919 to 947 pounds brought $241.50 to $216.75. 

Cash hogs opened lower with light negotiated purchases.  The cash hog market has struggled this week.  Packers have been clear they have needed numbers for the week.  Prices have reflected that.  It’s obvious there won’t be much business this week.  The only thing that’s been consistent in this market is that it is inconsistent.  The Quarterly Hogs and Pigs report showed slightly more hogs on hand than year-ago levels.  University of Missouri livestock economist Scott Brown says the report highlights the fact that even with tight and negative margins it’s difficult for the industry to push inventories lower. Barrows and gilts at the National Daily Direct are $1.73 lower with a base range of $72 to $75.50 and a weighted average of $74.35.  Prices at the Regional Direct Markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55.  At Illinois, slaughter sow prices are $2 lower with moderate demand for moderate offerings at $24 to $35.  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 were weak at midday – down $.28 at $96.64.  Hams and bellies were lower.  Picnics were unchanged.  Loins, butts, and ribs were higher.