Market News

Midday cash livestock markets

Direct cash cattle trade is at a standstill.  The bulk of this week’s business has likely wrapped up.  Asking prices for the cattle that remain on showlists are at $120+ live in the South and $190 dressed in the North.  Trade got off to an early start this week, at much higher prices than last week’s weighted averages.  With the deterioration in the futures market over the last few days, the goal will to be keep price levels supported next week.

Boxed beef opened lower on light demand for moderate to heavy offerings.  Choice is $1.46 lower at $252.11 and Select is $.56 lower at $241.61.  The Choice/Select spread is $10.50. 

At the Mitchell Livestock Auction in South Dakota, a higher undertone was noted on lighter steers.  Feeder steers 900 to 950 pounds were $11 higher.  Feeder heifers were $8 to $10 higher.  The USDA says demand was good with a full house of buyers.  There were many large lots available for the auction.  Receipts of 3,805 head were up significantly on the week and down on the year.  Feeder supply included 56 percent steers and 93 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 805 to 844 pounds brought $132.50 to $142 and feeder steers 954 to 996 pounds brought $121.25 to $129.60.  Medium and Large 1 feeder heifers 700 to 748 pounds brought $124 to $131.75 and feeder heifers 857 to 896 pounds brought $117.50 to $121.25. 

Cash hogs opened steady with large negotiated numbers.  Packers have been able to aggressively move hogs this week and heavy supplies of ready barrows and gilts have made that easy to do.  Retail demand for pork has been strong, and that’s been supportive to prices.  But, as we near the Easter holiday there are concerns demand could erode some as many family gatherings are being postponed.  And we know there will be no shortage in supply anytime soon, the latest Hogs and Pigs report from the USDA showed another jump in hog production as it’s up 4% on the year.  Barrows and gilts at the National Daily Direct are $.16 higher with a base range of $55 to $62.50 for a weighted average of $59.17; the Iowa/Minnesota is $.19 higher for a weighted average of $59.89; the Western Corn Belt is $.08 higher for a weighted average of $59.52.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $1 higher at $43. 

Pork values opened sharply lower – down $2.85 at $74.76.  Picnics, loins, butts, and bellies are sharply lower.  Hams are firm.  Ribs are sharply higher.