Market News

Midday cash livestock markets

Direct cash cattle trade activity is still quiet at midday, but packer inquiry is expected to improve as the day progresses.  Asking prices have yet to surface and bids are around $185 live.  While some business could get underway today, it’s likely the bulk of it will hold out until sometime Thursday or Friday.  There were a handful of deals reported in parts of Iowa on Tuesday at $290 dressed and $182 live, but it isn’t enough business to establish an accurate price trend. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $2.29 lower at $298.77 and Select is $.35 lower at $275.80.  The Choice/Select spread is $22.97. 

At the Philip Livestock Auction in South Dakota, there were no recent comparisons available.  But the USDA says demand was good for several load lots and many part-loads and packages of feeder steers, feeder heifers, and tested open heifers.  All of which sold on an active market.  This sale was the first test of spring-born calves, and they were met with decent demand.  All calves were home-raised, straight off the cow, and nearly all had spring and fall vaccinations.  Receipts were up from the most recent sale, but down on the year.  Feeder supply included 61% steers and 26% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 504 to 546 pounds brought $287 to $330 and feeder steers 553 to 598 pounds brought $283 to $314.  Medium and Large 1 feeder heifers 459 to 498 pounds brought $269 to $299 and feeder heifers 505 to 545 pounds brought $265 to $293. 

Cash hogs are higher at midday with moderate negotiated purchases.  Processors started the day a little more aggressive in their procurement efforts and have bid up to move needed numbers.  Near-term supplies of market-ready hogs are more than ample, giving packers a little more leverage.  Demand for US pork on the global market has been strong, but hasn’t necessarily seen significant improvements.  There are concerns domestic demand could slump, putting some additional pressure on prices. Hogs weights at the Iowa/Southern Minnesota/South Dakota region are even on the week and down 0.2 of a pound on the year. Barrows and gilts at the National Daily Direct are $.45 higher with a base range of $69 to $76 and a weighted average of $74.31, no comparisons at the Iowa/Minnesota but a weighted average of $75.05; the Western Corn Belt is $.98 higher with a weighted average of $74.54.  Prices at 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 steady with moderate demand for moderate offerings at $20 to $31. Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values are lower at midday, down $.38 at $92.69.  Hams, loins, and butts are sharply lower.  Ribs are lower.  Picnics and bellies are higher to sharply higher.