Market News

Midday cash livestock markets

Direct cash cattle trade has been relatively quiet to start the day.  Bids have resurfaced in some parts of cattle country at $184 to $185 live.  Asking prices are around $183-plus live in the South, but still not fully established in the North. There was a light to moderate round of business that took place in the South on Wednesday at $183 live, that’s about $1 higher than the prior week’s weighted averages.  More business still needs to take place, especially in the North. 

Boxed beef is mixed at midday on light to moderate demand for solid offerings.  Choice is $.55 higher at $300.93 and Select is $.52 lower at $274.78.  The Choice/Select spread is $26.05. 

At the Hub City Livestock Auction in South Dakota, the best test was on steers 750 to 799 pounds and 850 to 899 pounds, which were mostly steady.  Steers 900 to 999 pounds were $3 to $5 higher, and steers 1000 to 1050 pounds were mostly steady.  Heifers were not well compared again this week.  The USDA says demand was good to very good for yearlings, which sold mostly in loads and strings with all of the cattle off grass.  There was moderate to good demand for unweaned spring calves. Calves had varied levels of preconditioning, but most had at least one full round of shots.  Quality ranged from plain to attractive.  The market was active for yearlings and moderate to active on calves.  Feeder supply included 75% steers and 77% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 851 to 892 pounds brought $242 to $255.50 and feeder steers 906 to 949 pounds brought $234.50 to $250.  Medium and Large 1 feeder heifers 465 to 495 pounds brought $263 to $274.50 and feeder heifers 958 to 981 pounds brought $219 to $232.50. 

Cash hogs are lower at midday with solid negotiated purchases.  With near-term supplies of market-ready hogs more than ample, processors have the upper hand and aren’t forced to get aggressive in their procurement efforts.  Prices have largely reflected that.  Demand has been solid on the global market, but continues to hit a little bit of a wall domestically.  That adds to the overall consistently inconsistent trend of the market. Barrows and gilts at the National Daily Direct are $.85 lower with a base range of $68 to $76 and a weighted average of $73.46; the Iowa/Minnesota is $1.77 lower with a weighted average of $73.28; the Western Corn Belt is $1.39 lower with a weighted average of $73.15.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55. 

Pork values are higher at midday – up $1.20 at $93.59.  Picnics, hams, ribs, and loins were all sharply higher.  Butts were higher. Bellies were sharply lower.