Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade is underway.  Deals in the South are at $124 live, that’s fully steady with last week’s averages.  Asking prices are still holding at $126 to $127 live in other areas and $204 to $205 dressed in the North.  Look for more business to develop over the balance of the week. 

Boxed beef is steady to higher at midday on moderate demand for moderate offerings.  Choice is $.04 higher at $212.57 and Select is $1.52 higher at $211.19.  The Choice/Select spread is $1.38. 

At the Hub City Livestock Auction in South Dakota, compared to last week steer calves 500 to 600 pounds were $3 to $8 higher and 601 to 700 pounds were steady to $2 higher and steers 751 to 800 pounds were $2 to $4 higher.  Heifer calves 500 to 700 pounds were steady to $2 higher.  There was good to very good demand for the offering.  There were many packages and several loads of calves offered as well as a few packages of tested open yearling heifers.  Quality was mostly attractive and the market was active.  Receipts of 3,893 head were down from the most recent sale and on the year.  Feeder supply included 53 percent steers and 71 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 604 to 649 pounds brought $159 to $170.50 and feeder steers 755 to 795 pounds brought $142.75 to $156.50.  Medium and Large 1 feeder heifers 655 to 699 pounds brought $137.50 to $143.25 and feeder heifers 759 to 798 pounds brought $135.50 to $136.75. 

Cash hogs opened weak to lower with moderate negotiated purchases.  This morning’s export sales report showed China bought routine amounts of pork this last week.  While that’s expected to improve, and pork is projected to be a winner following the phase one signing, China’s 72 percent tariff is still in place.  Global demand for US pork still needs to pick up – especially as US production is projected to increase another 4 percent this year. Barrows and gilts at the National Daily Direct opened $.28 lower with a base range of $46 to $52 for a weighted average of $51.48; the Iowa/Southern Minnesota opened $.68 lower for a weighted average of $51.30; the Western Corn Belt opened $1.32 lower for a weighted average of $50.58; the Eastern Corn Belt had no comparison but a weighted average of $51.76. 

Pork values are firm – up $.98 at $75.64.  Bellies are higher.  Hams, loins, and ribs are firm.  Butts and picnics are weak. 

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