Market News
Midday cash livestock markets
Direct cash cattle markets are quiet. Some light trade was reported in Texas yesterday at $184 on the live basis, but not enough to establish a trend. Asking prices today are $188 live and $294 dressed. Aside from a few bids at $183 live in Kansas, packer inquiry continues to be light. Widespread trade could wait until Thursday or Friday.
At the Philip Livestock Auction in South Dakota, compared to last week, feeder steers weighing less than 500 pounds were $5 to $10 higher, with 500-to-550-pound steers up $8 to $10, 550-to-600-pound steers steady to $6 higher, 600-to-650-pound steers $2 to $4 higher, and 650-to-700-pound steers $4 to $6 higher. Feeder heifers weighing less than 450 pounds were up $10 to $15, 450-to-500-pound heifers were $6 to $8 higher, 500-to-550-pound heifers were steady to $2 higher, and 550-to-650-pound heifers were $4 to $6 higher. The USDA says the market was active to very active, while demand was very good for several long strings, many load lots, and packages of feeder steers and heifers and replacement heifers. Almost the entire offering was home raised, off the cow, with spring and fall vaccinations, and carrying light to moderate flesh. Weighing conditions were mostly favorable, aside from a few with some extra tag and fill, probably because of recent cold temperatures in the area. Receipts of 5,278 head were down on the week and the year. 69% of the run were feeder steers and 83% of the total offering weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 400 to 500 pounds were reported at $319 to $374 and 500-to-600-pound steers sold at $267 to $332. Medium and Large 1 feeder heifers weighing 400 to 500 pounds were reported at $275 to $317 and 500-to-600-pound heifers ranged from $259 to $280.
Boxed beef at midday was lower with light movement. Choice was down $2.51 at $302.67 and Select beef was $.76 lower at $274.74, putting the Choice/Select spread at $23.93.
Cash hogs are steady with light to moderate opening negotiated numbers for the major direct markets. It looks like many buyers are comfortable with the near-term ready numbers and don’t feel the need to raise bids. The wholesale pork market has shown some improvements but hasn’t seen any consistent gains since the end of grilling season. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting region for the week ending October 28th was 285.4 pounds, up two tenths on the week and 1.4 pounds on the year.
National direct barrows and gilts had no reported comparison at the open, with a base price range of $66 to $72 for a weighted average of $70.43, while Iowa/Southern Minnesota averaged $68.94 and the Western Corn Belt averaged $68.26. Midwest butcher hogs at the Dorchester, Wisconsin market are steady at $55. Illinois direct sows are steady at $32 to $44 on moderate demand for moderate to heavy offerings. Barrows and gilts are steady at $40 to $50 with moderate demand for moderate offerings. Boars range from $5 to $21.
Pork at midday was up $.37 at $86.85. Picnics were sharply higher, with loins also seeing a gain, while butts, hams, bellies, and ribs wee modestly to sharply lower.
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Author: John Perkins