Market News

Midday cash markets

Direct cash cattle trade is fairly quiet with just a few scattered bids renewed.  This week’s offering at the Fed Cattle Exchange was 1,067 head and none sold another non-starter when it comes to the cattle trade.  It’s still unknown if either side will be interested in moving cattle today.  Asking prices are around $112 to $113 in the South and $178 plus in the North.  Bids have been reported at $106 to $107 live and $170 to $173 dressed.

Boxed beef cutouts are weak to lower with light to moderate box movement.  Choice down $.12 at $192.91 and Select down $1.45 at $189.44.

At the Philip Livestock Auction in South Dakota receipts totaled 2,830 head up more than 1,300 from two weeks ago.  Feeder steers 950 to 1000 pounds were $2 to $3 lower and feeder heifers 900 to 1,050 pounds were steady to $2 lower.  The sale was the first significant offering of spring calves which the USDA says sold on a strong active market with very good demand.  Almost 80 percent of the offering was feeder cattle 46 percent over 600 pounds.  There was very good demand for several strings of feeder steers, heifers, and packages of tested open heifers which sold on an active market.  Medium and Large 1 steers 400 to 450 pounds were $194.00 to $205.50 and Medium and Large 1 steers 500 to 550 pounds were $175.00 to $178.50.  Medium and Large 1 heifers 400 to 440 pounds were $180.00 to $190.50 and Medium and Large 1 heifers 900 to 950 pounds were $134.50 to $138.00.

Cash hogs traded lower.  The market is still concerned about the increase in market ready numbers.  Average weights at the Iowa/Southern Minnesota are at 276.6 pounds steady on the week and up almost 2 pounds over a year ago.  But lower inputs – like feed – continue to help pork producers bottom line despite the drop in prices.

Barrows and gilts at the Iowa/Southern Minnesota were down $.69 at the midday with a range of $67.00 to $71.50 and an average of $70.87; the Western Corn Belt is $1.21 lower with a range of $66.00 to $71.00 and an average of $69.53; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct was $1.60 lower with a range of $66.00 to $71.00 and an average of $68.99.

Butcher hogs at the Midwest cash markets are $2 to $4 lower at $46.00.

At the Interior Missouri Direct receipts were up more than 400 head from last week.  The USDA says both supply and demand are light to moderate.  Barrows and gilts are steady to $2.00 lower at $64.00 to $66.00.  Sows are steady to $2.00 lower at $53.00 to $66.00.

At Illinois, sows are $2.00 lower with moderate demand for heavy offerings at $52.00 to $65.00.  Barrows and gilt prices are weak, with moderate demand for moderate offerings at $43.00 to $51.00.

Pork cutout is weak at the midday – down $.51 at $88.63.  The imploding demand for bacon continues to drop the belly primal which is down $6.46.