Market News

Midday cash livestock markets

Another quiet start for direct cash cattle trade activity following a couple of days of active business.  Asking prices for cattle left on showlists are around $144 to $145 live in the South and $230-plus dressed in the North.  There could be a little scattered trade over the next couple of days, but it’s likely the bulk of the week’s business has wrapped up.  So far this week Southern live deals have been marked at $143, fully steady with last week’s weighted averages.  Northern dressed business has been at mostly $228, $1 lower than last week’s weighted average basis in Nebraska.  There were a few dressed deals at $231 dressed on Thursday, those were outliers, and made on higher quality cattle. 

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $.63 lower at $246.92 and Select is $.65 higher at $219.86.  The Choice/Select spread is $27.06. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 800 to 850 pounds and 951 to 1000 pounds, which were $2 to $4 lower.  Steers 851 to 950 pounds were $6 to $8 lower, and steers 1001 to 1050 pounds were steady to $3 lower.  The best test for heifers was at 850 to 900 pounds and they were steady to $3 lower.  There was another large offering of yearlings featuring several strings as well as many loads and packages.  Many were home-raised.  The USDA says demand remains strong for cattle coming off grass and lot cattle have been met with moderate to good demand.  Flesh was mixed overall.  The market was moderate to active.  Receipts were up on the week and the year.  Feeder supply included 62% steers and 96% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 902 to 935 pounds brought $174.50 to $181.50 and feeder steers 951 to 995 pounds brought $170 to $184.50.  Medium and Large 1 feeder heifers 801 to 849 pounds brought $168 to $177.75 and feeder heifers 907 to 938 pounds brought $168 to $177.75. 

Cash hogs were lower at midday with moderate negotiated purchases.  The industry is looking ahead to today’s Quarterly Hogs and Pigs report to get an updated look at the supply picture.  Processors have had a couple of big days moving huge runs of hogs, but have backed off their procurement efforts at the end of the week.  Demand for US pork on the global market has been strong, but there are ongoing concerns about a slowing global economy. Barrows and gilts at the National Daily Direct are $.81 lower with a base range of $80 to $102 and weighted average of $88.44.  Prices at the regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets were steady at $64. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $58 to $70.  Barrows and gilts were steady with moderate demand for moderate offerings at $60 to $69.  Boars ranged from $39 to $41 and $9 to $19. 

Pork values are lower at midday – down $.46 at $100.31.  Bellies dropped nearly $18.  Butts were also lower.  Loins, ribs, picnics, and hams were higher to sharply higher.