Market News

Midday cash livestock markets

It appears direct cash cattle trade is holding out for today’s Cattle on Feed report as things are off to a slow start this morning.  Bids have been floated at $102 live in the South and $160 dressed in the North while asking prices for cattle left on showlists are around $103 plus in the South and $165 plus in the North.  Today’s Cattle on Feed repot which comes out at 3 Eastern/2 Central.  

At the Mitchell Livestock Auction, receipts are down on the week and the year.  Compared to two weeks ago, feeder cattle were steady to $3 higher.  The USDA says demand was good for the lighter offering.  Feeder supply included 56 percent steers and 96 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 813 to 848 pounds brought $134.50 to $140 and feeder steers 863 to 873 pounds brought $140.50 to $142.75.  Medium and Large 1 feeder heifers 715 to735 pounds brought $135 to $138.35 and feeder heifers 905 to 937 pounds brought $120.75 to $127.75.  

Boxed beef is mixed at midday with moderate demand for moderate offerings.  Choice is $.90 lower at $217.27 and Select is $.53 higher at $192.69.  The Choice/Select spread is $24.58.  

Cash hogs are weak to lower this morning with strong negotiated purchase numbers.   The supply and demand picture continues to drive the market’s direction.  And with ample supplies of ready barrows and gilts available, packers aren’t having to work hard to move their desired numbers.   There is still optimism that the demand picture for US pork on the global market will improve significantly, but that’s yet to be realized and until it does – hog prices will have a difficult time moving higher.  South Korea has confirmed its second case of African Swine Fever in close proximity to where the first case was detected.  Barrows and gilts at the Iowa/Southern Minnesota opened $1.25 lower for a weighted average of $43.99; the Western Corn Belt is $1.15 lower for a weighted average of $43.99; the Eastern Corn Belt had no comparison but a weighted average of $43.99; and the National Daily Direct is $.37 lower with a base range of $40 to $45 for a weighted average of $43.99.  

Butcher hog prices at the Midwest cash markets are steady at $30.  

At Illinois, slaughter sow prices were steady at $15 to $26 with light to moderate demand for light to moderate offerings.  Receipts were steady on the week and down on the year.  Barrow and gilt prices were steady at $24 to $31 with moderate demand for moderate offerings.  

Pork values are higher at midday – up $1.44 at $70.46.  Bellies jumped $11.30 this morning while ribs dropped more than $7.