Market News

Midday cash livestock markets

A very light live direct cash cattle trade is underway in parts of Nebraska and Colorado, but the rest of cattle country remains quiet.  Deals have been reported at $113.  Packer inquiry is expected to improve throughout the day. Bids have surfaced at $179 dressed.  But asking prices are holding firm at $112 to $113 live in the South and $183+ dressed in the North. 

Boxed beef is mixed at midday on moderate demand for light to moderate offerings.  Choice is $.13 lower at $216.75 and Select is $.54 higher at $192.91.  The Choice/Select spread is $23.84. 

At the Mitchell Livestock Auction in South Dakota, receipts are up on the week and the year.  Compared to last week, feeder steers 800 to 850 pounds were $4 higher, steers 851 to 1000 pounds were steady to $5 lower, steers over 1000 pounds were steady to $2 higher.  Feeder heifers sold evenly steady.  There were many load lots in the offering and the USDA says demand as very good.  Feeder supply included 54 percent steers and 92 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 833 to 848 pounds were $150.50 to $154.10 and feeder steers 957 to 991 pounds brought $125.60 to $130.25.  Medium and Large 1 feeder heifers 610 to 645 pounds brought $147.75 to $151 and feeder heifers 818 to 841 pounds brought $132.85 to $138.75. 

Cash hogs opened mixed with fairly strong negotiated purchase totals.  The market has been struggling as demand uncertainty continues.  That, combined with the ample supplies of market-ready hogs and the extremely large slaughter runs are adding more pork to a market that is already saturated.  A global pork shortage is expected as African Swine Fever continues to spread, but no one knows just when that might happen.  It may result in an increase in demand for US pork on the global market – and give hog prices the support they need to move higher. 

Barrows and gilts at the Iowa/Southern Minnesota are $.19 lower for a weighted average of $72.28; the Western Corn Belt is $.20 higher at $71.90; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.79 lower with a base range of $62 to $77 for a weighted average of $70.98. 

Butcher hog prices at the Midwest cash markets are $1 higher at $65.  At Illinois, slaughter sow prices were $2 to $3 higher at $33 to $48 with good demand for light offerings.  Barrow and gilt prices were weak at $44 to $51 with moderate demand for moderate offerings. 

Pork values are firm up $.91 at $89.60.  Hams and bellies are sharply higher.  Picnics and butts are weak.  Loins and ribs are lower.