Market News

Midday cash livestock markets

Direct cash cattle trade activity is increasing.  Bids have jumped to $114 live and $183 to $185 dressed.  While they have improved, they’re still a long way from current asking prices of $120 plus, live and $190 dressed.  It looks like significant trade volume will be delayed until late in the day today.

Boxed beef is firm to sharply higher at midday on heavy demand for light to moderate offerings.  Choice is $.90 higher at $213.57 and Select is $2.03 higher at $200.25.  The Choice/Select spread is $13.32.

At the Mobridge Livestock Auction in South Dakota, receipts are up on the week and the year.  Compared to last week steer calves 400 to 500 pounds and 601 to 700 pounds were mostly steady.  The best comparison came on heifer calves 450 to 500 pounds and 550 to 650 pounds which were steady with instances of $6 higher.  Demand was good for the large calf offerings.  Most calves were in light to moderate flesh.  Quality was more attractive than the recent market.  Feeder supply was 62 percent steers and 57 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 555 to 595 pounds were $158.50 to $178.50 and feeder steer calves 600 to 645 pounds were $155 to $170.  Feeder heifers 500 to 540 pounds were $146 to $157.50 and feeder heifer calves 650 to 690 pounds were $135 to $149.

Cash hogs opened weak with extremely light negotiated purchase totals.  Another large slaughter run is expected today and packers have plenty of live inventory to meet demand.  Saturday’s estimated kill is 185,000 head.  We could get awfully close to a 2.6 million head slaughter total this week.  Look for those numbers to continue to hold throughout the remainder of the year, resulting in record production output.  Know the amount of supply, demand certainty will remain vital to supporting pork prices. Barrow and gilts prices at the major regional direct markets were not reported due to confidentiality.

Midwest cash markets are closed today.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are weaker at $21 to $40 with moderate demand for moderate offerings.  Barrow and gilts are $1 lower at $25 to $34 with moderate demand for moderate offerings.

Pork values are sharply higher at midday – up $3.26 at $75.38.  Bellies jumped nearly $12 at midday.  Picnics, loins, and hams were also higher.  Butts are steady.  Ribs are lower.