Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following Wednesday’s moderate business.  Dressed deals in the North were at $163 to $164, mostly $164 to $165, which is $3 to $4 lower than last week’s weighted averages and $1 to $2 lower than the business that took place earlier in the week.  There was also a light trade in the South at $106, which is generally steady with the bulk of the rest of the week’s business.  Asking prices are around $107 plus live in the South. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $1.05 higher at $209.52 and Select is $1.03 higher at $191.94.  The Choice/Select spread is $17.58. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on yearling steers 850 to 1050 pounds and they were $2 to $5 lower.  Yearling heifers 700 to 750 pounds and 800 to 850 pounds were $3 to $4 lower.  Calves were too lightly test this week for comparison.  The USDA says demand was good for another large yearling offering.  There were still a lot of yearlings coming off grass, with slightly more flesh overall than last week.  Quality varied, from plain to attractive.  The market was moderate to active.  Receipts are down on the week and the year.  Feeder supply included 77 percent steers and 80 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 542 pounds brought $144 to $163.50 and feeder steers 903 to 949 pounds brought $130 to $140.75.  Medium and Large 1 feeder heifers 801 to 819 pounds brought $130.50 to $135.85 and feeder heifers 851 to 898 pounds brought $124.25 to $130. 

Cash hogs are sharply lower at midday with moderate negotiated purchases.  Supplies of market-ready barrows and gilts are heavy and daily slaughter totals continue to push higher as packers try to make a dent in the backlog of hogs in the production system.  That’s adding more pork to an already saturated market.  However, the industry is still optimistic demand for US pork will see a big boost on the global market. Barrows and gilts at the National Daily Direct are $3.53 lower with a base range of $56 to $65 for a weighted average of $59.80; the Iowa/Minnesota is $2.33 lower with a weighted average of $63.51; the Western Corn Belt is $2.31 lower for a weighted average of $63.51. The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $38. At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $22 to $36.  Barrow and gilt prices were steady with moderate to good demand for moderate to heavy offerings at $37 to $43.  Boars ranged from $5 to $7. 

Pork values are sharply higher at midday – up $3.99 at $102.15.  Bellies jumped $25.33 to start the day.  Hams and ribs are also sharply higher.  Butts are sharply lower. Loins and picnics are lower.