Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to improve.  There are a few scattered bids being reported in parts of Kansas and Texas at $105 live.  That’s far from the current asking prices of $110 live in the South and $175 to $178 dressed in the North.  Significant trade volume will likely be delayed until sometime Thursday or Friday.  Today’s Fed Cattle Exchange was a non-starter.  There was an offering of 666 head with zero head sold. 

Boxed beef opened mixed on light demand for moderate offerings.  Choice is $.86 higher at $214.46 and Select is $.90 lower at $186.16. 

At the Philip Livestock Auction in South Dakota, receipts are up on the week and the year.  Compared to last week feeder steers under 550 pounds were $4 to $6 lower, steers 550 to 650 pounds were steady to $2 lower, 700 to 1000 pounds were $4 to $6 higher.  Feeder heifers under 500 pounds were $3 to $5 lower, 500 to 550 pounds were $2 to $4 higher, 550 to 750 pounds were $4 to $6 higher, and 750 to 1000 pounds were $2 to $4 higher.  The USDA says demand was very good for several long strings, load lots, and many packages of feeder steers, feeder heifers, and tested open heifers.  All sold on an active to a very active market.  Feeder supply included 59 percent steers and 38 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 549 pounds brought $150.25 to $170 and feeder steers 601 to 647 pounds brought $141.75 to $157.50.  Medium and Large 1 feeder heifers 503 to 548 pounds brought $134.25 to $143.50 and feeder heifers 617 to 641 pounds brought $135 to $141.50. 

Cash hogs opened firm with strong negotiated purchase numbers.  Heavy supplies have tempered the market’s momentum higher.  The industry is hopeful for some positive news ahead of the next round of trade talks with China.  But the ample supple of ready barrows and gilts combined with record large slaughter runs is adding more pork to a market that has a more than abundant supply.  Especially as hog weights rose again this week – up to 282.5 pounds, that’s an increase of .6 pounds from last week and an increase of 1.6 pounds on the year.  Barrows and gilts at National Daily Direct are $.34 higher with a base range of $49.50 to $55.50 for a weighted average of $52.59 and the Eastern Corn Belt had no comparison but a weighted average of $51.33.  The Iowa/Southern Minnesota and the Western Corn Belt were not reported due to confidentiality.   

Butcher hog prices at the Midwest cash markets are steady at $40.  At Illinois, slaughter sow prices were firm at $18 to $30 with moderate demand for moderate offerings.  Barrow and gilt prices were $1 higher at $33 to $36 with moderate demand for moderate offerings. 

Pork values are sharply lower at midday – down $2.03 at $75.42.  Loins, bellies, and picnics are sharply lower.  Ribs are steady.  Hams and butts are firm.