Market News

Midday cash livestock markets

Another quiet start for direct cash cattle trade following two days of light to moderate business.  Southern live deals were marked at mostly $155, fully steady with the previous week’s weighted averages.  Northern dressed deals were at mostly $249, $4 higher than the prior week’s weighted average basis in Nebraska.  Trade volumes for the week are light, especially in the North making additional business likely before the end of the day.  Asking prices for what’s left on showlists are around $157+ live in the South and $250 to $252 dressed in the North.  Bids have surfaced at $157 live and $245 to $249 dressed in Nebraska and Iowa. 

Boxed beef is mixed at midday with light to moderate demand for light offerings.  Choice is $2.02 lower at $251.55 and Select is $.66 higher at $225.66.  The Choice/Select spread is $25.89. 

At the Mitchell Livestock Auction in South Dakota, compared to two weeks ago steers 550 to 700 pounds were $4 to $8 higher, and steers 850 to 900 pounds were $5 lower.  Steers 900 to 1000 pounds were $2 to $9 higher.  Heifers 600 to 700 pounds were $2 to $3 higher, and 800 to 1000 pounds were $1 to $3 higher.  The USDA says demand was good with many large load lots in the heavier feeders.  Receipts were up from two weeks ago and on the year.  Feeder supply included 55% steers and 73% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 648 pounds brought $191.50 to $205.50 and feeder steers 970 to 994 pounds brought $166 to $184.60.  Medium and Large 1 feeder heifers 851 to 894 pounds brought $167.35 to $177.50 and feeder heifers 901 to 931 pounds brought $168.75 to $173.75. 

Cash hogs opened are lower at midday with fairly light negotiated purchases.  Demand has been relatively strong on the global market and domestically despite slowing economies.  However, that remains an industry-wide concern.  Processors remain in a pattern of a few days of more aggressive procurement efforts at sharply higher prices sandwiched between multiple days of much smaller negotiated runs at lower prices.  That could very likely continue through the end of the year. Barrows and gilts at the National Daily Direct are $3.18 lower with a base range of $81 to $88 and a weighted average of $81.88. Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $56.  Barrows and gilts were steady with moderate demand for moderate offerings at $58 to $68.  Boars ranged from $30 to $35 and $9 to $19. 

Pork values are higher at midday – up $2.62 at $89.14.  Bellies and picnics are both sharply higher.  Hams and butts are higher.  Loins and ribs are lower to sharply lower. 

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