Market News

Midday cash livestock markets

Direct cash cattle trade activity is underway.  A string of cattle have been reported sold in Eastern Nebraska at $109 live, that’s about $1 lower than last week’s weighted average.  There have also been a few live deals in Kansas at $109, $1 higher than last weeks weighted average.  Most asking prices are holding around $110+ live in the South and $178 dressed in the North with bids in the rest of cattle country at $108 live and $174 dressed.  Trade will continue to develop over the balance of the week.  Today’s Fed Cattle Exchange had an offering of 231 head with 131 head sold out of Texas for 1 to 9-day delivery for a weighted average price of $109.  The lot out of Kansas had a passed offer at $105. 

Boxed beef is firm to sharply higher on good demand for moderate offerings.  Choice is $2.46 higher at $223.39 and Select is $.50 higher at $198.58.  The Choice/Select spread is $24.81. 

At the Philip Livestock Auction in South Dakota, receipts are down on the week and the year.  Compared to last week’s sale – feeder steers under 450 pounds were steady, 450 to 500 pounds were $2 to $4 higher, 500 to 700 pounds were steady to $2 lower.  Feeder heifers 400 to 950 pounds were steady.  The USDA says there was good demand for many long strings, load lot, and packages of feeder steers, feeder heifers, and a few packages of tested open heifers – all of which sold on an active market.  Feeder supply included 71 percent steers and 27 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $151.50 to $161 and feeder steers 602 to 645 pounds brought $149.50 to $160.  Medium and Large 1 feeder heifers 506 to 544 pounds brought $136 to $144.75 and feeder heifers 556 to 597 pounds brought $136 to $148. 

Cash hogs opened weak to lower with fairly strong negotiated purchase numbers.  The market continues to watch the supply and demand picture. The industry is still hopeful demand for US pork will continue to push higher. And if realized that would be supportive to prices.  But with increased US pork production and record amounts of pork coming online, the heavy supply situation continues to put pressure on prices. Barrows and gilts at the Iowa/Southern Minnesota opened $1.23 lower for a weighted average of $54.62; the Western Corn Belt opened $1.17 lower for a weighted average of $54.62; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.64 lower with a base range of $51 to $56.01 for a weighted average of $55.21. 

Butcher hog prices at the Midwest cash markets are steady to $2 lower at $40 to $44.  At Illinois, slaughter sow prices were $1 to $2 higher at $28 to $42 with very good demand for moderate to heavy offerings.  Barrow and gilt prices were steady at $36 to $41 with moderate demand for moderate offerings. 

Pork values are weak at midday – down $.32 at $75.78.  Bellies and loins are lower.  Butts were weak.  Picnics were firm while hams and ribs were higher to sharply higher.