Market News

Midday cash livestock markets

Another quiet start for direct cash cattle business.  Packer inquiry has been limited, but that will likely improve as the day progresses.  Bids haven’t surfaced.  Asking prices are around $157 live in the South, but still haven’t been established in the North.  If this week’s business follows the trend of recent weeks, significant trade volume will likely take place Thursday or Friday. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $1.42 lower at $268.22 and Select is $1.87 lower at $250.52.  The Choice/Select spread is $17.70. 

At the Philip Livestock Auction in South Dakota, compared to two weeks ago, feeder steers under 600 pounds were steady and steers 600 to 750 pounds were steady to $2 higher.   Feeder heifers 450 to 600 pounds were $2 to $3 lower and heifers 600 to 700 pounds were steady to $2 lower.  The USDA says demand was good for many long, long strings, load lots, and packages of feeder steers and feeder heifers.  The market was moderate to active.  The recent precipitation across parts of the Dakotas, Nebraska, Wyoming, and Montana has producers cautiously optimistic for grass-type cattle.  Medium and Large 1 feeder steers 651 to 697 pounds brought $191.50 to $213 and feeder steers 785 to 795 pounds brought $186.50.  Medium and Large 1 feeder heifers 600 to 626 pounds brought $178 to $193.25 and feeder heifers 651 to 667 pounds brought $170 to $182.

Cash hogs are sharply higher at midday with big negotiated purchases.  After so many days of being able to move needed numbers at lower prices, packers had to get more aggressive in their procurement efforts again on Wednesday.  The industry continues to monitor the availability of market-ready hogs and demand on the global market and domestically.  While it has been relatively strong, there are concerns it could see additional pressure from the overall economy.  Hogs weights are down 0.9 pounds on the week and down 2.4 pounds on the year. Barrows and gilts at the National Daily Direct are $2.21 higher with a base range of $67 to $74 and a weighted average of $72.27.  There were no comparisons at the Iowa/Minnesota and the Western Corn Belt, but weighted averages of $73.52 and $73.41.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $62. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $30 to $42.  Barrows and gilts were steady with moderate demand for moderate offerings at $54 to $64.  Boars ranged from $15 to $20 and $10 to $13. 

Pork values are higher at midday – up $.57 at $80.63.  Picnics, ribs, hams, and butts are all higher.  Loins and bellies are lower.