Market News

Midday cash livestock markets

There’s another light round of direct cattle business following the light round of business that took place on Wednesday.  Live deals in the South are at $182, fully steady to $1 higher than yesterday and the prior week’s weighted averages.  Bids are at $290 dressed.  Asking prices are at $184-plus live and $295 dressed in the North.  Look for more business to develop over the balance of the week.

Boxed beef is mixed at midday on solid and light demand for moderate offerings.  Choice is $1.68 higher at $297.42 and Select is $.42 lower at $290.  The Choice/Select spread is $7.42.

At the Hub City Livestock Auction in South Dakota, steers 650 to 749 pounds were $8 to $12 higher, and steers 750 to 999 pounds were $2 to $6 higher. The best comparison for heifers was 600 to 649 pounds, which was $10 to $14 higher.  The USDA says demand was good to very good for the day’s large offering featuring strings and loads of backgrounded cattle, as well as packages and loads of home-raised cattle. Cattle suitable for grass continue to see excellent demand as producers have been searching for cattle to fill pastures.  There were many attractive cattle to choose from.  Flesh varied, but was mostly moderate to moderate plus.  The market was active.  Receipts were up on the week and nearly steady on the year.  Feeder supply included 57% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 806 to 848 pounds brought $251 to $273.50 and feeder steers 962 to 997 pounds brought $231.50 to $242. Medium and Large 1 feeder heifers 659 to 683 pounds brought $275 to $286 and feeder heifers 754 to 796 pounds brought $231 to $248.75. 

Cash hogs are sharply lower at midday with fairly light negotiated purchases.  Processors have been pretty aggressive recently in their procurement efforts as they’re working to meet demand needs with the recent uptick in slaughter pace.  It was a solid week for export sales again, but there are long-term demand concerns that do pop into the market every now and again.  The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $2.45 lower with a base range of $84.45 to $93 and a weighted average of $88.85; the Iowa/Minnesota has no comparison but a weighted average of $90.47; the Western Corn Belt is $3.85 lower with a weighted average of $89.64.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $52. 

Pork values were firm at midday – up $.35 at $97.62.  Picnics, ribs, hams, and bellies were all higher.  Butts and loins were lower.