Market News

Midday cash livestock markets

Direct cash cattle trade is quiet at midday and it looks like the bulk of this week’s business is complete.  We could still see some cleanup trade scattered throughout the remainder of the day.  Prices for cattle that remain on showlists are at $117 to $118 live in the South and $188 dressed in the North.  Earlier this week live deals in the south were at mostly $116, $1 higher than last week’s weighted averages.  Dressed deals were reported in parts of the North at mostly $184, $2 higher than last week’s weighted average basis in Nebraska.   

Boxed beef opened lower with light demand for moderate offerings.  Choice opened $1.03 lower at $233.83 and Select opened $.92 lower at $212.94.  The Choice/Select spread is $20.89. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 500 pounds and up were steady to $2 lower.  Feeder heifers were steady to $3 higher.  The USDA says demand was fair and there were a few load lots in the day’s offering.  Receipts of 2,964 head is down on the week and the year.  Feeder supply included 41 percent steers and 80% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 556 to 599 pounds brought $151 to $167.50 and feeder steers 653 to 676 pounds brought $148.50 to $158.  Medium and Large 1 feeder heifers 816 to 826 pounds brought $140.75 to $141.50 and feeder heifers 914 to 945 pounds brought $134 to $140.25. 

Cash hogs opened weak with very large negotiated purchase numbers.  The heavy supplies combined with demand uncertainty continue to drive this market.  The availability of ready barrows and gilts is more than ample and slaughter runs haven’t slowed, those factors, combined with the fact demand for US pork has yet to see a significant boost on the global market is hindering pork prices from moving higher.  The lack of progress on a trade agreement with China is also hindering any positive price moves.  Barrows and gilts at the Iowa/Southern Minnesota opened $.73 lower for a weighted average of $41.69; the Western Corn Belt opened $.71 lower for a weighted average of $41.73; the Eastern Corn Belt had no comparison but a weighted average of $42.25; and the National Daily Direct opened $.67 lower with a base range of $40 to $43.03 for a weighted average of $41.90. 

At Illinois, slaughter sow prices were steady at $25 to $26 with moderate demand for light offerings.  Barrow and gilt prices were steady at $25 to $30 with moderate demand for moderate offerings. 

Pork values opened $2.46 higher at $83.94.  Hams, loins, and picnics were all sharply higher.  Butts were steady.  Ribs and bellies were weak. 

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