Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are not defined and packer inquiry is pretty much non-existent at this point. This week’s showlist is mixed, larger in the South and smaller in the North, but overall, above last week. Buyers are sellers are watching the CME futures trade ahead of this week’s business, which could wait until after Wednesday’s Fed Cattle Exchange results.

Boxed beef at midday was mixed. Choice was $.80 higher at $250.20 and Select was $.86 lower at $224.64.

At Sioux Falls Regional Stockyards Monday, feeder cattle trends were mixed. Feeder steers weighing less than 850 pounds were lightly tested, while those weighing more than 850 were mostly steady to $4 higher, except for 950 to 1,000 pounders, which were $7 lower, albeit with a narrow comparison to last week’s business. Feeder heifers weighing less than 750 were lightly tested, with 750 to 800 pound heifers $5 to $9 lower, 800 to 850 pounders down $2, and 850 to 950 pound heifers $5 to $7 lower. Demand was moderate to good more buyers present. Flesh condition was moderate to moderate plus, aside from a few light flesh consignments. The USDA says quality was plain to attractive with a number of smaller packages offered. There were long strings of backgrounded feeders, allowing buyers to purchase strings of similar animals. 54% of the offering were heifers and 91% of the offering weighed more than 600 pounds. 700 to 750 pound feeder steers brought $146.50 to $156 and 900 to 1,000 pounders ranged from $134 to $147.60. 770 to 795 pound feeder heifers sold at $135 to $141.50 and 800 to 900 weights were reported at $128.50 to $139.25.

Cash hogs are mixed. Buyers are watching the generally tighter market ready numbers and solid wholesale business. Cash has been gaining faster than the wholesale market though, which is narrowing the processing margins. Market ready numbers have gotten tighter, but not by a big degree, with this week’s slaughter projected at more than 2.25 million head.

Iowa/Southern Minnesota barrows and gilts opened $.79 lower at $66 to $70.75 with a weighted average of $70.14, the Western Cornbelt is down $.76 at $66 to $70.75 for an average of $70.22, and national direct business is $.97 lower at $66 to $70.75 with an average of $68.95. Butcher hogs at the Midwest cash markets are steady to $1 higher at $45 to $50. Missouri direct butchers are $1 to $3 higher at $62 to $63 with supply and demand both called light to moderate. Sows are steady to $2 higher at $38 to $50. Illinois direct sows were $1 to $3 higher at $62 to $63 with supply and demand called light to moderate. Sows were steady to $2 higher at $38 to $50.

Pork at midday was up $.31 at $84.28. Loins and hams were lower, butts, picnics, ribs, and bellies were higher.