Market News

Midday cash livestock markets

Direct cash cattle trade is quiet with packers focusing on the collection of new showlists.  Significant trade volume will likely be delayed until the second half of the week.  A light to moderate trade developed Friday afternoon with Southern live deals ranging from $108 to $110, $2 to $4 lower than last week’s weighted averages.  Northern dressed business ranged from $170 to $173, generally $4 to $7 lower than the previous week’s weighted average basis in Nebraska.

At South Dakota last week, receipts were up on the week and the year.  Steers under 600 pounds were sharply higher, steers 600 to 900 pounds were mostly steady to $3 higher, and heifers were unevenly steady.  Medium and Large 1 feeder steers, 850 to 897 pounds brought $131.50 to $149.25 and feeder steers 950 to 998 brought $123 to $136.76.  Medium and Large 1 feeder heifers 800 to 849 pounds brought $121 to $135.50 and feeder heifers 905 to 946 pounds brought $116 to $122.50.

Boxed beef cutout values are mixed at midday on light to moderate offerings.  Choice up $.77 at $217.93 and Select down $.17 at $201.85.  The Choice/Select spread is $16.08.

Cash hogs opened lower.  Processing margins have narrowed and buyers worked hard to move more numbers at lower costs last week – and were successful in doing so.  That’s expected to continue this week even though chain speed has slowed.  The market remains nervous with the large hog supply and continued negative trade rhetoric.  Any disruption to demand would be costly to US pork producers.

Barrows and gilts at the Iowa/Southern Minnesota opened $.34 lower with a range of $72 to $79.50 and a weighted average of $78.74; the Western Corn Belt is $.25 lower with a range of $72 to $79.50 for a weighted average of $78.75; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.21 higher with a range of $72 to $80.38 for a weighted average of $80.13.

Butcher hogs at the Midwest cash markets are mixed – markets in Dorchester, Wisconsin and Garnavillo, Iowa are higher at $60 while Zumbrota, Minnesota is $2 lower at $54.  At the Interior Missouri Direct, receipts are up on the week and down on the year.  Barrows and gilts are steady to $2 higher at $69 to $70 with light to moderate supply and demand.  Sows are steady at $34 to $44.  At Illinois, slaughter sow receipts are up on the week and the year.  Prices are $4 lower at $35 to $49 with moderate demand for moderate to heavy offerings.  Barrows and gilts are $2 lower at $47 to $58 with moderate demand for moderate offerings.

Pork cutout values are steady at the midday – up $.19 at $85.83.  The primals are mixed and mostly lower, but there are strong gains in the butts and the hams.