Market News

Midday cash livestock markets

Direct cash cattle trade has been slow to develop this week.  Bids are few and far between and are at $180 live in Texas and $290 to $291 dressed in Nebraska.  Asking prices are around $184 to $185 live in the South, but still note established in the North.  More business is expected to pick up as the day progresses, but significant trade volume could hold out until sometime on Friday.

Boxed beef is lower at midday – on light demand for moderate offerings.  Choice is $.71 lower at $296.10 and Select is $1.50 lower at $289.38.  The Choice/Select spread is $6.72. 

At the Hub City Livestock Auction in South Dakota, the best test on steers were at 650 to 699 pounds and 800 to 899 pounds were mostly steady, steers 900 to 949 pounds were steady to $3 lower, steers 950 to 999 pounds were steady to $2 higher.  Heifers were not well compared.  The USDA says demand for the day’s offering, featuring a couple of strings of backgrounded cattle, along with many loads and packages of home-raised cattle, was good.  Lightweight cattle continue to see very good demand as many still have pastures to fill.  The market was active. Receipts were down on the week and the year.  Feeder supply included 82% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 663 to 697 pounds brought $287 to $305.50 and feeder steers 956 to 983 pounds brought $227.50 to $235.  Medium and Large 1 feeder heifers 620 to 648 pounds brought $262 to $278. 

Cash hogs are higher at midday with solid negotiated purchases.  While export sales for pork hit a marketing-year low, overall demand has been strong on the global market.  Domestic demand continues to show some strength.  Processors have had to get more aggressive to move numbers needed to fill demand.  Availability of market-ready hogs and hog weights continue to be monitored. Barrows and gilts at the National Daily Direct are $2.04 higher with a base range of $83 to $92 and a weighted average of $90.49; the Iowa/Minnesota is $1.17 higher with a weighted average of $91.10; the Western Corn Belt was $2 higher with a weighted average of $91.10.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady in Wisconsin and Garnavillo, Iowa at $52 and steady in Red Oak, Iowa at $59. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15.

Pork values were higher at midday – up $2.44 at $101.99.  Bellies jumped nearly $20 to start the day.  Picnics were also higher.  Loins, hams, ribs, and butts were all lower.