Market News

Midday cash livestock markets

Direct cash cattle trade continues to be quiet and is expected to mostly stay that way until tomorrow or later. Bids and asking prices have not yet been established. Beef cutouts are expected to move lower over the week on light to moderate box movement. Last week, southern live deals were steady with the previous week’s weighted average with most business coming in from $123 to $124. Northern dressed deals ranged from $196 to $200, $1 to $5 lower than the previous week’s weighted averages.

Boxed beef cutout values are lower at midday. Choice is 56 cents lower at $315.10 and select is $1.09 lower at $279.66. The choice/select spread is $35.44.

At the Farmers and Ranchers Livestock Commission Company in Salina, Kansas, compared to the previous test, a lower undertone was noted on steers under 700 pounds, steers 700 to 800 pounds sold steady to $1 higher, steers over 800 pounds sold $2 to $4 lower. A lower undertone was noted on heifers under 600 pounds on a limited test. Heifers from 600 to 650 pounds sold $2 higher and heifers over 650 pounds sold $1 to $4 lower. Receipts were up on the week but down on the year. USDA says demand was moderate on moderate supply. Feeder supply included 73 percent steers and 90 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers from 756 to 799 pounds brought $150 to $156 and feeder steers weighing 850 to 887 pounds brought $151.75 to $159.50. Medium and Large 1 feeder heifers weighing 608 to 629 pounds brought $147.50 to $151.50 and feeder heifers from 668 to 696 pounds brought $140.50 to $146.

Cash hogs are unreported at midday due to packer submission problems. Processors continue to monitor the availability of market-ready barrows and gilts and have been able to move their desired numbers at lower bids recently. Demand for US pork on the global market and domestically has been strong, which the industry does expect to continue. Yesterday at the close, Barrows and gilts at the National Daily Direct closed $2.25 lower with a base range of $78 to $80 for a weighted average of $79.32; the Iowa/Minnesota had a weighted average of $79.86; the Western Cornbelt had a weighted average of $79.58; the Eastern Cornbelt was not reported due to confidentiality.  

Butcher hogs at Dorchester, Wisconsin are $8 lower than the last week at $60. Garnavillo, Iowa is closed for the week.

At Illinois, slaughter sow prices were mostly $4 to $5 lower with moderate demand for heavy offerings at $55 to $72.  Barrow and gilt prices were weak with moderate demand for moderate offerings at $46 to $57.  Boars ranged from $12 to $40. 

Pork values are sharply higher at midday, up $4.03 at $106.92. Bellies and hams are sharply higher. Loins are higher; picnics, butts, and ribs are lower.