Market News

Midday cash livestock markets

It’s a relatively quiet start for direct cash cattle trade following several days of scattered, light business across cattle country.  For the week, Live deals in the South have ranged from $171 to $175, mostly $174 to $175, $2 to $3 below the previous week’s weighted averages.  Northern dressed business has been steady at $275, $4 lower than the prior week’s weighted average basis.  There could be some additional business develop today, but not much is expected.

Boxed beef is mixed at midday on light to moderate demand for solid offerings.  Choice was $1 lower at $298.02 and Select was $1.16 higher at $265.91.  The Choice/Select spread is $32.11.

At the Mitchell Livestock Auction in South Dakota, feeder steers up to 600 pounds sold with a higher undertone.  Steers 600 to 900 pounds were $2 to $8 higher.  Light heifers, up to 700 pounds, sold on a higher undertone.  Heifers 850 to 950 pounds were $4 to $7 lower.  The USDA says demand was good.  Receipts were up on the week and down on the year.  Feeder supply included 49% steers, and 67% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 636 pounds brought $261 to $275 and feeder steers 983 pounds brought $215.75.  Medium and Large 1 feeder heifers 663 to 697 pounds brought $227 to $238 and feeder heifers 932 to 946 pounds brought $295 to $205.25. 

Cash hogs are lower at midday with fairly light negotiated purchases. Processors have been moving needed numbers this week without having to get aggressive in their procurement efforts.  There are a lot of negative factors currently weighing on the market, heavier hog weights and ample supplies of market-ready hogs, to name a few.  Demand for US pork has been holding globally, but there are long-term concerns.  Domestic demand continues its sluggish trend. Barrows and gilts at the National Daily Direct are $2.97 lower with a base range of $52 to $62 and a weighted average of $56.79.  Prices at the Regional Direct Markets 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 light offerings at $41 to $54.  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 weak at midday – down $.09 at $83.74.  Picnics and bellies were both lower.  Loins were weak.  Hams, ribs, and butts were higher to sharply higher.