Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start following the light to moderate trade that took place on Thursday.  Southern live deals were mostly $120 to $121, steady to $.50 higher than the previous week’s weighted averages.  Northern dressed business was marked at mostly $196 dressed, about $1 higher than last week’s weighted average basis in Nebraska.  Asking prices for cattle left on showlists are around $122 live in the South and $198 plus dressed in the North.  The bulk of the week’s business has likely wrapped up, but it wouldn’t be surprising if additional deals trickle in over the course of the day. 

Boxed beef is higher at midday on moderate demand for light offerings.  Choice is $.61 higher at $276.94 and Select is $.70 higher at $269.13.  The Choice/Select spread is $7.81. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 700 to 750 pounds were $2 higher and steers 800 to 950 pounds were $2 to $3 lower.  Heifers 650 to 700 pounds were $1 lower, and heifers 800 to 950 pounds were $2 to $5 lower.  The USDA says there were some load lots in the day’s offering and demand was good.  Receipts were up on the week and the year.  Feeder supply included 36 percent steers and 95 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 711 to 748 pounds brought $154 to $159.25 and feeder steers 909 to 947 pounds brought $127.75 to $135.  Medium and Large 1 feeder heifers 808 to 842 pounds brought $123 to $131.75 and feeder heifers 854 to 890 pounds brought $121 to $128.50. 

Cash hogs are sharply higher at midday with large, negotiated purchases.  Packers are bidding up to move their desired numbers at the end of the week.  The industry continues to watch the availability of market-ready barrows and gilts. Demand strength, on both the global market and domestically, has been very supportive to prices and that’s expected to continue.  Daily slaughter runs remain at relatively high levels. Barrows and gilts at the National Daily Direct are $2.80 higher with a base range of $101.30 to $106 and a weighted average of $103.96; the Iowa/Minnesota is $1.59 higher with a weighted average of 105.38; the Western Corn Belt is $1.98 higher with a weighted average of $105.38.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $62. At Illinois, slaughter sow prices were $2 lower with moderate to good demand for moderate offerings at $62 to $72.  Barrow and gilt prices were $3 higher with good demand for moderate to heavy offerings at $65 to $73.  Boars ranged from $30 to $40 and $12 to $20. 

Pork values are weak at midday – down $.68 at $112.69.  Loins, ribs, picnics, and bellies were all lower.  Butts and hams were sharply higher.