Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids have yet to surface.  Asking prices are at $161 to $162 live in the South, while not established in the North.  While packer inquiry is expected to improve as the day progresses, it is quite possible significant trade volume will be delayed until sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 7 lots or 1,219 head.  One lot sold in Texas at $159, the rest did not meet reserve prices of $155 to $161.50. 

Boxed beef is mixed at midday on relatively light demand for light offerings.  Choice is $.07 higher at $266.79 and Select is $3.38 lower at $253.95.  The Choice/Select spread is $12.84. 

At the Philip Livestock Auction in South Dakota, feeder steers under 500 pounds were $8 higher, steers 500 to 550 pounds were steady, 550 to 600 pounds were $5 higher, 600 to 650 pounds were $8 higher, and feeder steers 650 to 800 pounds were $2 to $4 higher.  Feeder heifers under 500 pounds were $4 lower, heifers 600 to 700 pounds were $2 to $4 higher, and heifers 700 to 800 pounds were $1 to $2 higher.  The USDA says demand was good for several strings, load lots, and many packages of feeder steers and feeder heifers, all of which sold on a moderate to active market.  Calves suitable for grass were met with strong demand and much of the offering consisted of home-raised calves that have been weaned for 60+ days and were fully vaccinated.  Receipts were down from two weeks ago and up slightly on the year.  Feeder supply included 56% steers and 73% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 569 to 598 pounds brought $225.50 to $232.50 and feeder steers 802 to 831 pounds brought $178.75 to $189.  Medium and Large 1 feeder heifers 609 to 632 pounds brought $189 to $201 and feeder heifers 667 to 682 pounds brought $184 to $197. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors are starting the day much more aggressive in their procurement efforts and prices are reflective of that.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork has remained strong on the global market and domestically, which does help provide price support.  However, this is very similar to the trend of recent weeks where there has been a couple of days with larger runs at much higher prices sandwiched between slower days with smaller runs and lower prices.  Hog weights are down 0.9 pounds on the week at 285.9, that’s also 3.2 pounds below year-ago levels. 

Barrows and gilts at the National Daily Direct are $3.23 higher with a base range of $67 to $80 and a weighted average of $75.45; the Iowa/Minnesota is $3.46 higher with a weighted average of $77.31; the Western Corn Belt is $3.70 higher with a weighted average of 77.31.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were steady with moderate to heavy demand for 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 $3.76 at $82.32.  Bellies are sharply higher.  Hams, ribs, and picnics are higher.  Loins and butts are both lower.