Market News

Midday cash livestock markets

Direct cash cattle markets are at a standstill. Asking prices are $185 to $186 on the live basis, while asking prices on the dressed basis and bids remain unestablished. A handful of sales were reported Tuesday at $182 to $183 live and $288 dressed, just not enough to set any kind of trend. Packer inquiry should improve as the day goes on, but it looks like widespread business will be delayed until tomorrow, if not Friday.

Boxed beef at midday was higher with light to moderate movement. Choice was up $.67 at $302.41 and Select beef was $2.50 higher at $292.90 for a spread of $9.51.

At the Philip Livestock Auction in South Dakota, there was no comparison as the last test was three weeks ago. The USDA says there was very good demand and a strong, active market for several long strings, load lots, and packages of feeder steers and feeder heifers, along with replacement heifers and a premier bull sale. Most of the offering was home raised, mainly with light to moderate flesh and a few instances of moderate plus. There was some tag evident because of muddy feedlots. Receipts were up from both the previous test and a year ago. The entire offering were feeders, 58% of those were heifers, and 81% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds ranged from $258 to $287.50 and 800-to-850-pound steers brought $242.50 to $248.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $280 to $313 and 600-to-700-pound heifers sold at $253 to $273.

Cash hogs are steady to higher with very light opening negotiated numbers at the major direct markets. Some buyers have raised bids again to move the needed near-term numbers, but demand looks relatively light and the lower midday pork cutout could keep that demand light through the end of the day. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting region was 287.7 pounds, down three tenths on the week, but up 2 pounds on the year.

National direct barrows and gilts opened $3.40 higher with a base price range of $71 to $75 for a weighted average of $74.10. Iowa/Southern Minnesota and the Western Corn Belt were not reported due to confidentiality, with five-day rolling averages of $73.62 and $72.51, respectively. The Eastern Corn Belt had no recent comparison. Midwest butcher hogs are steady at $55. Illinois direct sows are $2 higher at $41 to $53 on moderate demand for heavy offerings. Barrows and gilts are up $2 at $39 to $49 with moderate demand and offerings. Boars range from $8 to $25.

Pork at midday was down $1.28 at $90.59. Ribs and hams were weak and loins and bellies were sharply lower, canceling out solid gains in butts and picnics.