Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following two days of scattered, light business.  Live deals in the South have ranged from $173 to mostly $175, about $2 below the previous week’s business.  The North has remained quiet.  Bids and asking prices haven’t surfaced yet today.  More trade is expected to pick up before the end of the week. 

Boxed beef is lower at midday on light demand for solid offerings.  Choice is $.21 lower at $297.96 and Select is $1.74 lower at $264.61.  The Choice/Select spread is $33.35. 

At the Philip Livestock Auction in South Dakota, feeder steers 450 to 500 pounds were $10 to $12 lower.  Steers 550 to 600 pounds were $6 to $8 lower.  Steers 600 to 650 pounds were $10 to $12 lower.  Steers 700 to 750 pounds were $10 lower.  Feeder heifers 400 to 450 pounds were $9 lower, heifers 450 to 500 pounds were $8 lower, heifers 500 to 550 pounds were $6 lower, heifers 550 to 600 pounds were $8 to $10 lower, while heifers 600 to 650 pounds were $5 higher.  The USDA says demand was light for several load lots and packages of feeder steers and heifers, all of which sold on a slow to moderate market.  Receipts were down significantly from two weeks ago and on the year.  Feeder supply included 57% steers and 29% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 468 to 494 pounds brought $289 to $310.50 and feeder steers 583 to 588 pounds brought $269 to $274.75.  Medium and Large 1 feeder heifers 544 to 549 pounds brought $244.50 to $254 and feeder heifers 625 to 628 pounds brought $250 to $252.

Cash hogs are higher at midday with solid negotiated purchases.  The roller coaster continues as the market is moving at the will of processors.  Ample supplies of market-ready hogs give packers more leverage to do business as they please.  So far today, it’s at higher prices.  Demand for US pork has been relatively strong on the global market, which is good, but there are long-term concerns.  China recently granted export approval for additional pork facilities, which could help bolster demand in the future. Hog weights are up again this week to 289.7 pounds, and a 1.7-pound increase on the week and 3.4 pounds more than the year-ago average.

Barrows and gilts at the National Daily Direct were $2.04 higher with a base range of $57 to $62 and a weighted average of $61.44.  Prices at the Regional Direct Markets were not reported due to confidentiality.  But the 5-day rolling average at the Iowa/Minnesota is $58.43 and the Western Corn Belt is $58.07.

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $43 to $56.  Barrows and gilts were steady with moderate demand for moderate offerings at $35 to $45.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values are firm at midday – up $.39 at $85.19.  Picnics and hams are sharply higher.  Butts are weak.  Ribs and bellies are lower to sharply lower.

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