Market News

Midday cash livestock markets

Direct cash cattle trade is still relatively quiet through midday.  A couple of bids have surfaced is in Texas and Kansas at $118 live.  Asking prices are around $121 to $122 live in the South and $190 to $192 dressed in the North.  Packer inquiry could improve as the day progresses, but it’s very likely significant trade volume could be delayed until sometime on Friday. 

Boxed beef is weak to lower with light demand for heavy offerings.  Choice is $2.04 lower at $216.61 and Select is $.48 lower at $203.24.  The Choice/Select spread is $13.37. 

At the Hub City Livestock Auction in South Dakota, compared to last week steer calves 450 to 750 pounds were steady to $2 lower, except 500 to 550-pound steers which were not well compared.  Heifer calves 450 to 650 pounds were $2 to $4 higher, except 500 to 550-pound heifers were mostly steady.  There were lower undertones noted on yearling steers this week.  The USDA says demand was good for the day’s large yearling offering which included one long string of attractive steers.  Demand for calves was good and quality was similar to the prior week with many attractive calves on offer.  Receipts of 4,815 are up on the week and down slightly on the year.  Feeder supply included 56 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 745 pounds brought $145.60 to $150 and feeder steers 924 to 948 pounds brought $151 to $152.25.  Medium and Large 1 feeder heifers 671 to 694 pounds brought $130 to $135 and feeder heifers 866 to 892 pounds brought $139.50 to $142. 

Cash hogs opened mixed with moderate negotiated purchases.  The market continues in its current pattern – support from demand optimism, but concerns remain about the very heavy supplies.  Domestic demand is a bright spot, however, until the industry sees significant improvements to the global demand picture for US pork, it is very likely the market will remain stuck in this back and forth price pattern.  The latest export sales report showed another strong week for sales for Mexico, China, Japan, Canada, and South Korea, but they were down on both the week and the 4-week average.  Barrows and gilts at the National Daily Direct opened $.52 higher with a base range of $42 to $49.75 and a weighted average of $48.57; the Western Corn Belt opened $1.03 lower for a weighted average of $47.18; the Eastern Corn Belt opened $1.03 higher for a weighted average of $49.  Prices at the Iowa/Southern Minnesota were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $4 higher at $40.  At Illinois, slaughter sow prices were steady with light demand for very heavy offerings at $17 to $31.  Receipts were down on the week and up on the year.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $27 to $34. 

Pork values opened lower – down $1.53 at $81.66.  Bellies dropped $8.07 this morning.  Hams were also lower.  Butts and loins were steady to weak.  Ribs opened firm.  Picnics opened sharply higher.