Market News

Midday cash livestock markets

There’s another round of light direct cash cattle trade underway following Tuesday’s light business.  Live deals in the South are at $137, fully steady with the week’s previous business.  There’s also been a handful of deals in Nebraska at $218, also fully steady with Tuesday’s trade.  Asking prices for cattle left on showlists are around $138 live in the South and $220 dressed in the North.  Today’s Fed Cattle Exchange was uneventful with an offering of 3,580 head of which none actually sold.  There was a light-dressed trade that took place on Tuesday with deals at mostly $218, many of those are marked for delayed delivery.  There was also some scattered light business in the South at $137, $1 to $1.50 below last week’s business. 

Boxed beef was higher at midday on good demand for moderate offerings.  Choice is $1.56 higher at $291.05 and Select is $1.32 higher at $279.71.  The Choice/Select spread is $11.34. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers under 650 pounds were $3 to $5 lower, steers 650 to 750 pounds were steady and steers 750 pounds and up were $3 lower.  Feeder heifers under 500 pounds were $5 to $6 higher, heifers 500 to 650 pounds were steady to $2 lower and feeder heifers 650 to 750 pounds were steady.  The USDA says demand was good for several long-strings, load lots, and packages of feeder steers and feeder heifers, all of which sold on an active market.  Much of the offering had been long-weaned and had multiple rounds of vaccinations and carried moderate to moderate plus flesh.  Feeder supply included 64% steers and 76% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 707 to 744 pounds brought $159.50 to $168.50 and feeder steers 801 to 848 pounds brought $155 to $167.  Medium and Large 1 feeder heifers 651 to 695 pounds brought $151.50 to $158 and feeder heifers 763 to 793 pounds brought $154.75. 

Cash hogs have solid negotiated purchases to start the day.  Processors continue to monitor the availability of market-ready hogs.  Demand has been strong, both domestically and globally for US pork.  However, there are some long-term demand concerns which has kept a lid on prices.  Hog weights this week are down 0.8 of a pound to 291.4, that’s also 0.4 pounds below last year’s average. Barrows and gilts at the National Daily Direct had no comparison but a weighted average of $70.07 and the Western Corn Belt had a weighted average of $73.48.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $47. At Illinois, slaughter sow prices were $1 to $2 lower with moderate demand for moderate to heavy offerings at $28 to $40.  Barrows and gilts were steady with moderate demand for moderate to heavy offerings at $40 to $46.  Boars ranged from $15 to $20 and $10 to $15. 

Pork values are sharply higher at midday – up $6.29 at $93.50.  Hams were up nearly $30.  Picnics and loins were also higher.  Ribs, bellies, and butts were lower to sharply lower. 

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