Market News

Midday cash livestock markets

Direct cash cattle trade is finally underway.  A light trade is being reported in both Kansas and Texas at $108 live.  We’ve yet to see business develop in the North and dressed bids are currently at $173.  That’s some distance from asking prices of $178 to $180 dressed in the North.  It may be the end of the day before we see any significant business develop.    

Boxed beef is mixed at midday – on light demand for light offerings.  Choice is $.23 lower at $217.88 and Select is $1.41 higher at $194.11.  The Choice/Select spread is $23.77. 

At the Mitchell Livestock Auction in South Dakota, receipts are up on the week and the year.  Compared to last week, feeder steers sold $1 to $7 higher and feeder heifers, up to 750 pounds were $1 to $3 lower while heifers 750 pounds and higher sold $2 to $4 higher.  The USDA says there were many load lots in the day’s offering and demand was good.  Feeder supply included 49 percent steers and 88 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 748 pounds brought $150.50 to $157 and feeder steers 951 to 995 pounds brought $134.50 to $143.50.  Medium and Large 1 feeder heifers 618 to 624 pounds brought $137.50 to $142.50 and feeder heifers 801 to 849 pounds brought $136.50 to $144.50. 

Cash hogs opened lower with moderate negotiated purchase numbers.   The industry was keeping a close eye on this morning’s Export Sale Report from the USDA.  The numbers at first blush looked great for the demand picture.  However, the USDA has said the data included a significant quantity of sales that may have occurred in previous weeks.  That’s not the kind of demand news the market had been hoping to see.  The optimism continues to provide some price support, but unless it is realized it could send pork prices tumbling.  Especially as the industry continues to see record numbers of market hogs coming online.  Barrows and gilts at the National Daily Direct opened $.75 lower with a base range of $55 to $60 for a weighted average of $57.05.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $44. At Illinois, slaughter sow prices are steady at $25 to $38 with good demand for light offerings.  Receipts were down on the week and up on the year.  Barrow and gilt prices were steady at $36 to $41 with good demand for moderate offerings. 

Pork values are steady at midday – up $.16 at $76.44.  Butts and ribs are higher.  Loins are firm.  Bellies are steady.  Picnics and hams are weak to lower.