Market News

Midday cash livestock markets

Direct cash cattle trade is off to a solid start again.  A light to moderate trade is underway in the South at $114 to $115 live – that’s $2 to $3 higher than last week’s weighted averages.  A moderate trade developed yesterday in parts of the North at mostly $181 to $182, that’s generally $1 to $2 higher than last week’s weighted average basis in Nebraska.  Asking prices for cattle left on showlists are at $116 to $117 live and $184 to $185 dressed.  More deals could still trickle in as the day progresses. 

Boxed beef is firm to higher at midday on good demand for moderate offerings.  Choice is $.96 higher at $239.25 and Select is $.49 higher at $213.51.  The Choice/Select spread is $25.74. 

At the Mitchell Livestock Auction in South Dakota, receipts were down on the week and up on the year.  Compared to last week’s sale, feeder steers 400 to 550 pounds sold unevenly steady, steers 551 pounds and up sold $2 to $3 higher.  Feeder heifers sold steady to $3 lower.  There were a few load lots in the offering.  The USDA says demand was good.  Feeder supply included 48 percent steers and 80 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 804 to 840 pounds brought $142.50 to $156 and feeder heifers 928 to 943 pounds brought $140 to $153.  Medium and Large 1 feeder heifers 607 to 634 pounds brought $131 to $141.25 and feeder heifers 958 to 999 pounds brought $126 to $139.75. 

Cash hogs opened steady with moderate negotiated purchase numbers.  Supply and demand continue to drive this roller coaster of a market.  Supplies of ready barrows and gilts are more than ample, and slaughter runs hit record or near-record totals almost daily.  At the same time, the demand picture is uncertain, and the market is still waiting to see if demand for US pork will see a significant boost into China.  And until there is even more US pork moving onto the global market – it’s going to be very difficult for prices to move higher.  Barrows and gilts at the Iowa/Southern Minnesota had no comparison but a weighted average of $42.57; the Western Corn Belt also had no comparison but a weighted average of $42.57; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct was unchanged with a base range of $41 to $46 for a weighted average of $45.24. 

The Midwest cash markets were closed today.  At Illinois, slaughter sow prices were $2 lower at $28 to $42 with moderate demand for moderate offerings.  Barrow and gilt prices were $2 lower at $27 to $31 with moderate demand for moderate offerings. 

Pork values are sharply higher at midday – up $2.10 at $82.74.  Bellies and hams were sharply higher.  Picnics, ribs, and butts were firm to higher.  Loins were lower.