Market News

Midday cash livestock markets

Direct cash cattle trade activity has improved some and a handful of trades have been reported in parts of Iowa at $184 dressed.  There are more bids on the table to finish out the week.  Bids are at $112 to $114 live and $185 dressed.  Asking prices for cattle left on showlists are around $114-plus live and $187 dressed.  Deals in the South yesterday were at $110 to $112 live, about $1 to $2 lower than last week’s weighted averages.

Boxed beef is steady at midday on light to moderate demand for light to moderate offerings.  Choice is $.21 higher at $222.31 and Select is $.26 lower at $204.45.  The Choice/Select spread is $17.86. 

At the Mitchell Livestock Auction, receipts were up significantly on the week and the year.  There was a very large offering of feeder cattle this week for the annual appreciation sale.  Feeder steers were too lightly tested last week to offer a solid price comparison, but a definite higher undertone was noted.  The best comparison was on heifers 850 to 950 pounds – and those sold $4 to $5 higher.  Other weights sold with higher undertones.  The USDA says demand was good for the long strings of high quality, attractive, light to moderate flesh yearlings.  Feeder supply included 48 percent steers and 95 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 805 to 838 pounds brought $133 to $144.85 and feeder steers 904 to 949 pounds brought $121.75 to $132.60.  Medium and Large 1 feeder heifers 750 to 797 pounds brought $121.75 to $134.25 and feeder heifers 851 to 899 pounds brought $115 to $120.75. 

Cash hogs opened mixed with very light negotiated purchase totals in some areas and moderate numbers elsewhere.  The market continues to monitor the supply and demand situation.  Domestic demand has remained fairly strong, which has been helpful to supporting pork prices.  But a weaker than expected jobs report last week combined with a weaker consumer sentiment report could negatively impact the demand picture.  The improved trade situation with Mexico is good news for pork prices. And the market continues to watch how the situation in China unfolds.  Their pork supply is declining as African Swine Fever continues to spread, but the lack of a resolution with the US seems to be hindering pork from entering the market at a significantly larger pace.   Barrows and gilts at the Western Corn Belt opened $4.43 lower with a base range of $67 to $75 for a weighted average of $72.02 and the National Daily Direct opened $.14 lower with a range of $67 to $76.75 for a weighted average of $75.69.  Prices at the Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

The Midwest cash markets are closed today. 

At Illinois, slaughter sow prices are steady at $26 to $50 with moderate demand for light to moderate offerings.  Barrow and gilt prices are steady at $47 to $51 with moderate demand for moderate offerings. 

Pork values opened firm – up $.85 at $83.86.  Bellies and picnics were higher.  Loins were firm.  Hams and butts were steady.  Ribs were weak.