Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet ahead of today’s Cattle on Feed report.  Asking prices for cattle left on showlists are around $126+ live and $198 dressed in the North.  Some cleanup business could come in after the release of today’s report.  Deals this week have been at $124 live in the South with Northern dressed trade marked at mostly $196, fully steady with the previous week’s weighted averages. 

Boxed beef was higher at midday on good demand for light offerings.  Choice is $.98 higher at $281.64 and Select is $.67 higher at $263.39.  The Choice/Select spread is $18.25. 

At the Mitchell Livestock Auction in South Dakota, compared to last week, feeder steers 950 to 1000 pounds were $1 lower, and steers 1050 to 1100 pounds were $3 higher.  Feeder heifers 800 to 950 pounds were $2 to $3 higher.  The USDA says demand was good with many load lots in the day’s offerings.  Receipts were up on the week and down on the year.  Feeder supply included 43% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 917 to 948 pounds brought $152.25 to $158.76 and feeder steers 985 to 998 pounds brought $147 to $155.50.  Medium and Large 1 feeder heifers 742 pounds brought $149 and feeder heifers 858 to 896 pounds brought $146 to $159. 

Cash hogs are lower at midday with solid negotiated purchases.  The supply of market-ready barrows and gilts has been more than ample, and processors continue to move their desired numbers at lower prices.  Demand for US pork on the global market and domestically has been strong.  While that is expected to continue, there are some long-term demand concerns and that is putting some pressure on prices. Barrows and gilts at the National Daily Direct are $.96 lower with a base range of $63 to $67.75 and a weighted average of $64.23.  The Western Corn Belt has a weighted average of $66.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were firm with good demand for light offerings at $48 to $58.  Barrows and gilts were steady to $1 lower with good demand for moderate offerings at $40 to $47.  Boars ranged from $20 to $25 and $9 to $15. 

Pork values are sharply higher at midday – up $4.10 at $102.38.  Hams are up nearly $19.  Butts and loins are both sharply higher.  Ribs are higher.  Bellies and picnics are sharply lower.