Market News

Midday cash livestock markets

Direct cash cattle trade has had a slow start.  There are a handful of bids on the table at $175 to $176 dressed.  Asking prices are non-existent at this point.  Packer inquiry is expected to improve as the day progresses.  Today’s Fed Cattle Exchange was another bust.  There were 620 head offered and 0 head sold.  Asking prices ranged from $114 to $116.75.  It isn’t expected to spark any activity today and significant trade volume isn’t likely to happen until late in the day Thursday or into Friday.

At the Philip Livestock Auction in South Dakota, receipts are down from last week.  Compared to the previous sale steers under 550 pounds were $8 to $10 lower, 550 to 600 pounds $6 to $8 lower, 600 to 650 pounds $2 to $4 lower, and 650 to 700 pounds $8 lower.  Feeder heifers 450 to 500 pounds were $2 lower, 500 to 550 pounds were $4 to $5 lower, 550 to 600 pounds were $7 lower, and 600 to 650 pounds were $4 to $6 lower.  The USDA says demand was good for several long strings and many load lots and packages of feeder steers, feeder heifers, and replacement heifers.  All sold on a moderate to active market.  Feeder supply included 72 percent steers and 39 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 599 pounds brought $155.50 to $171.75 and feeder steers 602 to 641 pounds brought $153.50 to $171.  Medium and Large 1 feeder heifers 505 to 541 pounds brought $143 to $155 and feeder heifers 553 to 595 pounds brought $140.50 to $150.

Boxed beef cutout values are weak at midday on light demand for moderate offering.  Choice down $.48 at $213.60 and Select is $.63 lower at $198.35.  The Choice/Select spread is $15.25.

Cash hogs opened higher with moderate negotiated purchase totals.  Hog weights jumped a half of a pound this week to 284 pounds.  While it is up on the week it is down from a year ago.  Heavier weights combined with larger slaughter runs adds more pork to a market that has struggled with demand certainty.  The pork sector remains hopeful that the African Swine Fever outbreak in China will disrupt global pork markets – providing more price support to the US pork market.  Barrows and gilts at the Iowa/Southern Minnesota opened $1.56 higher with a range of $48 to $52 for a weighted average of $51.70; the Western Corn Belt opened $1.54 higher with a range of $48 to $52 for a weighted average of $51.70; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.31 higher with a range of $46 to $52.44 for a weighted average of $51.86.

Butcher hogs at the Midwest cash markets are steady at $36 in Dorchester, Wisconsin and $1 lower at $33 in Zumbrota, Minnesota.

At Illinois, slaughter sow receipts are up on the week and the year.  Prices are steady at $30 to $44 with moderate demand and moderate offerings.  Barrow and gilt prices are $1 lower at $28 to $37 with moderate demand for moderate offerings.

Pork cutout values are lower at midday – down $1 at $69.69.  The loins, picnics, ribs, and butts are all lower. Hams and bellies are firm.