Midday cash livestock markets
Direct cash cattle trade is off to another very slow start. Early asking prices have been reported around $185-plus live in the South and $295-plus dressed in the North. Bids remain elusive. So far this week, only a handful of deals have been reported in parts of the North with a range of $289 to $293, but that’s certainly not enough business to establish an accurate price trend. Significant trade volume could be delayed until sometime Thursday or Friday.
Boxed beef is modestly higher at midday on moderate demand for moderate offerings. Choice is $.38 higher at $305.52 and Select is $.36 higher at $278.99. The Choice/Select spread is $26.53.
At the Philip Livestock Auction in South Dakota, feeder steers 350 to 400 pounds were $6 higher, steers 400 to 500 pounds were $3 lower, steers 500 to 550 pounds were $3 higher, steers 550 to 650 pounds were $7 higher. Feeder heifers 400 to 450 pounds were $8 higher, heifers 450 to 500 pounds were $6 lower, heifers 500 to 550 pounds were steady to $3 higher, heifers 550 to 650 pounds were $8 higher, and heifers 750 to 800 pounds were steady. The USDA says demand was very good for feeder steers, feeder heifers, replacement heifers, and tested open heifers, which all sold on a strong, active market. Overall, the offering was attractive. Nearly the entire offering was home-raised, off-the-cow, and had spring and fall vaccinations. Receipts were up on the week and down on the year. Feeder supply included 63% steers and 12% of the offering was over 600 pounds. Medium and Large 1 feeder steers 503 to 545 pounds brought $300 to $319 and feeder steers 556 to 596 pounds brought $300 to $322.25. Medium and Large 1 feeder heifers 458 to 495 pounds brought $272 to $288.50 and feeder heifers 502 to 536 pounds brought $273 to $290.
Cash hogs had no comparison at midday, but solid negotiated purchases. While demand has been relatively strong on the global market, there are concerns it could wane. Domestic demand also appears to be in somewhat of a seasonal slump. However, pork is likely becoming more competitively priced for consumers and that could spur an increase in domestic demand. With near-term supplies of market-ready hogs more than ample, processors have more leverage and aren’t forced to bid up to move needed numbers. Prices have reflected that. Hog weights were up 1.6 pounds this week to an average of 283.5 pounds, that’s also up 0.7 pounds from year-ago levels.
Barrows and gilts at the National Daily Direct had no comparison but a base range of $68 to $76 with a weighted average of $74.13; the Iowa/Minnesota had a weighted average of $74.62; the Western Corn Belt had a weighted average of $74.37. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $55 and at $48.
Pork values are lower at midday – down $1.48 at $88.07. All of the primals were lower, led by a drop in picnics.
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Author: Meghan Grebner