Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Both sides continue to digest last week’s late developing business, while watching the distribution of this week’s new showlist. Last week’s business was mostly at $130 on the live basis, up $4 on the week, and $205 dressed, $5 higher. If the last couple of weeks are any indication, widespread business won’t develop until the second half of the week. Fed Cattle Exchange results are out Wednesday, with an offering of 218 head.

Boxed beef at midday was sharply higher on light to moderate movement. Choice was up $3.20 at $215.77 and Select was $3.07 higher at $210.50.

Monday, at the Sioux Falls Regional Stockyards, compared to the previous week, steers were mostly steady, with a couple of instances of up to $5 higher on 800 to 900 pounders. Heifers were mostly steady to $4 higher, with instances of $6 higher on 750 to 800 pound heifers. The USDA says demand was good to very good, with farmer/feeders and order buyers present. The quality was average to attractive, with mostly moderate to moderate plus flesh. 98% of the run were feeder cattle, 51% of those heifers, and 84% of the offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds ranged from $161 to $187 and 700 to 800 pound steers were reported at $149.50 to $166.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds sold at $143 to $166.50 and 700 to 800 pound heifers brought $136 to $147.

Cash hogs are steady to lower. Buyers are following through on last week’s efforts to spend less while improving margins, watching market ready numbers and wholesale business. A number of packers have slowed down chain speed over the last several days, with the USDA lowering last Friday’s slaughter estimate by nearly 20,000 head. Another round of winter weather may disrupt business in parts of the Midwest.

Pork at midday was $1.62 higher at $79.98. All primal cuts were higher, including a $3.08 gain in picnics.

Iowa/Southern Minnesota direct barrows and gilts opened $.30 lower at $63.50 to $64.50 for a weighted average of $64.29, the Western Cornbelt is down $.33 at $63.50 to $64.50 with an average of $64.27, and national direct business is $.26 lower at $63 to $64.50 for an average of $64.18. Butcher hogs at the Midwest cash markets are steady at $41 to $48. Missouri direct butchers are $3 lower at $61 to $62 on light to moderate supply and demand. Sows are steady to $38 lower at $38 to $54. Illinois direct sows are mixed at $42 to $59 with moderate demand for moderate to heavy offerings. Barrows and gilts are steady at $40 to $46 on light to moderate demand for moderate offerings. Boars range from $10 to $28.