Market News

Midday cash livestock markets

It’s a quiet start for today’s direct cash cattle trade.  There was another light round of business in the North late on Thursday with dressed deals marked at $155 to $157, which was generally steady with the week’s previous business.  There were a few scattered deals reported in the South, generally steady with this week’s trade.  There could be some additional business develop in the North today – but it’s more than likely the week’s business has concluded.

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $1.17 higher at $204.76 and Select is $.91 higher at $193.92.  The Choice/Select spread is $10.84. 

At the Mitchell Livestock Auction in South Dakota, compared to two weeks ago steers up to 800 pounds had a higher undertone noted.  Steers over 800 pounds were $7 to $13 higher.  Heifers over 600 pounds were $5 to $10 higher.  The USDA says demand was very good with many load lots in the offering.  There were many long strings of light to moderate fleshed yearling steers in the offering.  Receipts were up from two weeks ago and down on the year.  Feeder supply included 64 percent steers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 752 to 792 pounds brought $138 to $145.85 and feeder steers 902 to 941 pounds brought $124 to $137.25.  Medium and Large 1 feeder heifers 700 to 749 pounds brought $127.25 to $134 and feeder heifers 802 to 840 pounds brought $124.25 to $127.25. 

Cash hogs opened steady to weak with solid negotiated numbers. Packers have been moving big numbers this week.  Supplies of market-ready hogs are more than ample and the industry is still working to dig through the backlog of hogs in the supply chain.  Processors continue to increase their daily slaughter capacity and that’s helping to alleviate some pressure – but it is still going to take some time.  The industry remains optimistic demand will continue to push higher, both domestically and globally, which would provide some price support.  Barrows and gilts at the National Daily Direct are $.17 lower at midday with a base range of $26 to $32 for a weighted average of $29.91; the Iowa/Minnesota is $1.43 lower for a weighted average of $29.11; the Western Corn Belt is $1.44 lower for a weighted average of $29.11.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady, with moderate to good demand for moderate to heavy offerings at $9 to $20.  Barrow and gilt prices were $2 higher, with moderate to good demand for moderate to heavy offerings at $14 to $22.  Boars ranged from $2 to $5.

Pork values are sharply higher at midday – up $4.01 at $71.13.  All of the primals were higher to sharply higher with hams up nearly $8.