Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start following yesterday’s light to moderate trade in parts of cattle country.  Bids are at $113 live and $182 dressed.  Asking prices for cattle remaining on showlists are around $112+ live and $183 to $184 dressed in the North.  Live deals in Kansas were at $111, roughly $1 lower than last week’s weighted average.  Dressed business in Nebraska and Iowa was in a range of $183 to $185, mostly at $183, which was generally steady with last week’s weighted averages basis. 

Boxed beef is firm at midday – on moderate demand for moderate offerings.  Choice closed $.62 higher at $213.19 and Select was $.48 higher at $188.82.  The Choice/Select spread is $24.37. 

At the Hub City Livestock Auction in South Dakota, receipts were down slightly on the week and up on the year.  Compared to last week, the best test was on steers 900 to 950 pounds and 1,000 to 1,050 pounds and they were steady to $4 lower.  Heifer receipts were too light for an accurate trend, but a steady undertone was noted.  Demand was good for the offering of mostly loads and strings with a few packages.  There was less flesh on the cattle offered. The USDA says quality was mostly attractive.  It was an active market for the cattle on offer.  Feeder supply included 66 percent steers and 96 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 902 to 948 pounds brought $131.25 to $141.25 and feeder steers 956 to 998 pounds brought $133 to $136.75.  Medium and large 1 feeder heifers 757 to 780 pounds brought $127 to $137.75 and feeder heifers 858 to 894 pounds brought $126.50 to $130.50. 

Cash hogs opened firm higher with very large negotiated purchase numbers. The market has been stuck in a pattern based on the supply and demand situation.  Supplies of ready barrows and gilts remains ample and slaughter runs have been large adding more pork to a market that is already saturated.  However, the demand picture could be firming up.  This week’s Export Sales Report from the USDA did have some positive news with increases in sales to Mexico, Taiwan, Hong Kong, Japan, and Canada.  Should demand for US pork continue to grow on the global market, it could provide the price support needed. 

Barrows and gilts at the Iowa/Southern Minnesota opened $1.06 higher with a range of $68 to $76 for a weighted average of $74.29; the Western Corn Belt is $1.08 higher with a range of $58 to $76 for a weighted average of $73.94; the Eastern Corn Belt is $1.02 higher with a range of $68 to $68.73 for a weighted average of $68.59; and the National Daily Direct is $.62 higher with a range of $58 to $76 for a weighted average of $72.15. 

Butcher hog prices at the Midwest cash markets are steady at $48.

At Illinois, slaughter sow prices are firm at $20 to $31 with moderate to good demand for moderate offerings.  Barrow and gilt prices were firm at $42 to $49 with moderate demand for moderate offerings.  

Pork values are higher at midday – up $1.89 at $78.37.  Bellies jumped $18.64 this morning.  Ribs are firm.  Loins, hams, and picnics were sharply lower.  Butts were weak.