Market News

Midday cash livestock markets

Direct cash cattle trade activity is underway.  A light trade is being reported in parts of the South at $116 – that’s $1 higher than last week’s weighted averages.  Dressed bids are at $180 to $182 in the North.  Asking prices are firm at $117 to $118 live in the South and $188 dressed in the North.  Today’s Fed Cattle Exchange had an offering of 1,398 head with 1,229 head sold.  283 head sold for a weighted average price of $116 for 1 to 9-day delivery and 946 head sold for a weighted average price of $115.44 for 1 to 17-day delivery. 

Boxed beef opened firm with good demand for moderate offerings.  Choice is $.61 higher at $239.62 and Select is $.73 higher at $216.20.  The Choice/Select spread is $23.42. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 500 pounds were steady, steers 500 to 600 pounds were $4 higher, 600 to 650 pounds were steady.  Feeder heifers under 450 pounds were steady, heifers 500 to 600 pounds were steady and heifers over 650 pounds were steady.  The USDA says demand was good for several strings, load lots, and many packages of feeder steers and feeder heifers.  All sold on a moderate to active market.  Receipts of 4,815 head were down on the week but up on the year.  Feeder supply included 73 percent steers and 57 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 501 to 545 pounds brought $153 to $169.50 and feeder steers 600 to 638 pounds brought $148 to $161.  Medium and Large 1 feeder heifers 462 to 498 pounds brought $145 to $156.50 and feeder heifers 601 to 643 pounds brought $133 to $149. 

Cash hogs opened steady with moderate negotiated purchase numbers.  The cash hog market is stuck in a rut.  The industry remains very optimistic demand US pork will see a significant boost on the global market as China and the rest of Asia continue to battle African Swine Fever.  But hog supplies continue to grow here in the US and until the demand picture becomes more clear – it is going to be very difficult for prices to start moving higher.  Average hog weights for the Iowa/Southern Minnesota and South Dakota reporting area jumped another 1.2 pounds this week to 287.9.  That’s also 3.9 pounds higher than year-ago levels.  Barrows and gilts at the Iowa/Southern Minnesota opened $.12 higher for a weighted average of $42.30; the Western Corn Belt opened $.08 higher for a weighted average of $42.26; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.30 higher with a base range of $40 to $43.03 for a weighted average of $42.63. 

Butcher hogs at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow prices were $1 lower with moderate demand for heavy offerings at $25 to $36.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $25 to $30. 

Pork values opened higher – up $2.93 at $87.60.  Hams and bellies were sharply higher this morning.  Loins were steady.  Picnics, ribs, and butts all opened lower.