Market News

Midday cash livestock markets

A light direct cash cattle trade is underway.  Live deals in Texas and Kansas are at $124, fully steady with last week’s weighted averages.  Packer inquiry is picking up.  Dressed deals in Nebraska are at $196, also fully steady with last week’s weighted average basis.  Bids are at $124 live in the South and $125 live and $196 dressed in the North.  Asking prices are around $126 plus live in the South and $198 to $200 dressed in the North.  Look for more business to develop over the balance of the week.  Today’s Fed Cattle Exchange was a dud with an offering of 2,757 head and zero head sold. 

Boxed beef was mixed at midday on light to moderate demand for moderate offerings.  Choice is $.37 lower at $280.51 and Select is $1.47 higher at $263. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 450 pounds were steady, and steers 450 to 600 pounds were $2 to $4 lower.  Steers 600 to 650 pounds were steady, and steers 650 to 700 pounds were $3 higher.  Feeder heifers under 500 pounds were $2 to $4 lower, heifers 500 to 600 pounds were $2 to $4 higher, and heifers 600 to 650 pounds were $4 higher.  The USDA says demand was good for many long strings and many load lots and packages.  All of which sold on an active to very active market.  Nearly the entire offering was home raised, had spring and fall vaccinations, and carried light to moderate flesh.  Receipts were about steady on the week and up on the year.  Feeder supply included 65% steers and 23% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 549 pounds brought $171 to $187.25 and feeder steers 562 to 596 pounds brought $168.50 to $178.75.  Medium and Large 1 feeder heifers 502 to 544 pounds brought $157.50 to $169 and feeder heifers 551 to 596 pounds brought $153.50 to $161. 

Cash hogs are lower at midday with solid negotiated purchases to start the day.  The availability of market-ready barrows and gilts is more than ample, and processors have been able to move their desired numbers at lower prices recently.  Demand has been holding strong on both the global market and domestically, but there are long-term demand concerns, which have been adding pressure to prices.  Barrows and gilts at the National Daily Direct are $.35 lower with a base range of $65 to $68 and a weighted average of $66.21; the Western Corn Belt has a weighted average of $66.76; the Eastern Corn Belt has a weighted average of $66.05.  The Iowa/Minnesota was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa are steady at $60 and lower in Red Oak, Iowa at $45. 

Pork values are higher at midday – up $1.74 at $101.01.  Hams are sharply higher.  Ribs are higher.  Bellies, butts, loins, and picnics are lower to sharply lower.