Market News
Midday cash livestock markets
Direct cash cattle trade activity is quiet. It’s likely the bulk of the week’s business has wrapped up, although a little cleanup trade could take place before the end of the day. Live deals in the South were at $178, $2 to $3 lower than the prior week’s weighted averages. Dressed business in the North was at mostly at $282, about $4 below the previous week’s weighted averages.
Boxed beef is mixed at midday on light to moderate demand for light offerings. Choice is $.94 lower at $293.78 and Select is $2.21 higher at $269.86. The Choice/Select spread is $23.92.
At the Mitchell Livestock Auction in South Dakota, feeder steers up to 650 sold on a sharply higher undertone, with higher optimism on steers 550 to 600 pounds. Steers 600 to 1000 pounds sold on a lower undertone. Heifers up to 700 pounds sold on a steady to higher undertone. Heifers 850 to 1000 pounds were $2 to $8 lower. Demand was good. Many load lots were heavier feeders. Receipts were down on the week and the year. Feeder supply included 39% steers and 77% of the offering was over 600 pounds. Medium and Large 1 feeder steers 663 to 685 pounds brought $233 to $241 and feeder steers 850 to 855 pounds brought $212.50 to $218. Medium and Large 1 feeder heifers 804 to 847 pounds brought $204 to $205.50 and feeder heifers at 902 to 934 pounds brought $198 to $210.10
Cash hogs are sharply lower at midday with moderate negotiated purchases. Processors have been able to move numbers without having to get aggressive in their procurement efforts. With ample supplies of market-ready hogs, processors just aren’t being forced to bid up. Demand for US pork has been solid on the global market, but Thursday’s export sales report had exports 51% lower than the previous week, and China wasn’t present as a buyer. There’s also concern as domestic demand continues to struggle.
Barrows and gilts at the National Daily Direct are $1.85 lower with a base range of $59 to $70 and a weighted average of $62.27; the Iowa/Minnesota is $2.38 lower with a weighted average of $61.62; the Western Corn Belt is $2.38 lower with a weighted average of $61.62. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash market were steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $43 to $56. Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $50. Boars ranged from $18 to $21 and $5 to $10.
Pork values are sharply higher at midday – up $3.07 at $88.99. Picnics and bellies are sharply higher. Ribs and hams are higher. Butts and loins are lower to sharply lower.
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Author: Meghan Grebner