Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet today following back-to-back days of moderate business.  Asking prices for cattle left on showlists are at $122 plus live in the South and $195 to $197 dressed in the North.  There could be some scattered cleanup trade trickle in over the balance of the week, but it’s quite possible the bulk of the week’s trade has wrapped up.   So far this week Southern live deals have had a full range of $120 to $123, mostly $122, $2 higher than last week’s weighted averages and dressed deals in the North have ranged from $193 to $197, mostly $195, $4 higher than last week’s weighted average basis in Nebraska. 

Boxed beef is sharply lower at midday on light demand for light offerings.  Choice is $2.92 lower at $326.25 and Select is $1.66 lower at $288.30.  The Choice/Select spread is $37.95. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 800 to 850 pounds were mostly steady, 851 to 900 pounds were $2 to $3 higher.  The best test on heifers 650 to 700 pounds were mostly steady, 800 to 850 pounds were $2 to $3 higher.  The large offering was met with good to very good demand.  There were quite a few packages offered, but the majority of the offering was sold in loads and strings.  Quality was mostly attractive, and flesh varied, from light to moderate plus.  The market was active.  Producers continue to worry about summer grass as the weather remains hot and very dry.  Receipts were up on the week and the year.  Feeder supply included 60 percent heifers and 96% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 806 to 845 pounds brought $142.25 to $146.25 and feeder steers 863 to 878 pounds brought $135 to $144.50.  Medium and Large 1 feeder heifers 852 to 892 pounds brought $123 to $131.25 and feeder heifers 952 to 997 pounds brought $125 to $125.85. 

Cash hogs are sharply lower at midday with moderate negotiated purchases.  Processors continue to monitor the availability of market-ready barrows and gilts.  The strong demand for US pork on the global market and domestically has provided a lot of price support recently.  For the most part, the industry expects that to continue. Barrows and gilts at the National Daily Direct are $2.84 lower with a base range of $114.50 to $130 and a weighted average of $119.30 and the Western Corn Belt has a weighted average of $128.12.  The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices were $1 lower with good demand for heavy offerings at $38 to $48.  Barrow and gilt prices were $4 to $7 higher with good demand for heavy offerings at $84 to $91.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values are sharply higher at midday – up $6.68 at $127.20.  Bellies jumped more than $39.  Hams and butts were also sharply higher.   Ribs and loins were sharply lower.  Picnics were lower.