Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start this morning.  Bids remain scarce with just regionals placing bids at $173 dressed in Nebraska and $175 dressed in Iowa.  Asking prices have resurfaced at $112 to $113 live in the South and $178 to $180 dressed in the North.  It’s looking like trade could wait until the end of the week to develop.  Cargill has reported an explosion at its protein production facility in Dodge City, Kansas.  The accident occurred in a small standalone building and is under investigation.  But as a precaution, operations have been suspended for the day.  Two employees were injured and are being treated for burns.  Cargill says it doesn’t expect the incident to prevent

Boxed beef is steady to firm at midday on light demand for light to moderate offerings.  Choice is $.51 higher at $218.79 and Select is $.06 higher at $191.42.  The Choice/Select spread is $27.36. 

At the Hub City Livestock Auction in South Dakota, receipts are down on the week and on the year.  Compared to last week, the best test was on feeder steers 800 to 950 pounds and 1000 to 1050 pounds and they were $4 to $5 higher.  The best test on heifers 850 to 900 pounds and 950 to 1000 pounds were $2 to $5 higher.  The USDA says demand was good to very good for the yearlings on offer, which included several packages and strings.  There was slightly more flesh than last week with moderate to moderate plus and many yearlings were off grass.  It was an active market on yearlings with light to moderate activity on calves.  Feeder supply included 46 percent steers and 93 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 856 to 899 pounds brought $143.50 to $150.25 and feeder steers 913 to 944 pounds brought $143.50 to $148.25.  Medium and Large 1 feeder heifers 900 to 939 pounds brought $133 to $139.10 and feeder heifers 956 to 989 pounds brought $129 to $139.20. 

Cash hogs opened steady to lower with lighter negotiated purchase numbers.  Packers could have their desired numbers for the week with the big week they’ve had so far.  Demand remains the key to keeping these prices supported – especially with the more than ample supply of ready barrows and gilts and slaughter runs that continue to get larger.  The industry remains optimistic that more US pork will be needed on the global market.  Barrows and gilts at the Iowa/Southern Minnesota opened $.20 lower for a weighted average of $59.89; the Western Corn Belt opened $.39 lower for a weighted average of $59.62; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.03 lower with a base range of $54 to $60 for a weighted average of $57.65. 

Butcher hog prices at the Midwest cash markets at $2 higher at $42.  At Illinois, slaughter sow prices were $2 to $4 higher at $25 to $38 with good demand for moderate offerings.  Barrow and gilt prices were $1 higher at $36 to $41 with good demand for moderate offerings. 

Pork values opened lower – down $1.04 at $76.68.  Hams, ribs, bellies, and butts were all lower to sharply lower.  Loins and picnics were higher.