Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade has developed this morning.  Live deals are at $111, steady with last week’s weighted average.  There’s some dressed business at $173, roughly $2 lower than last week’s weighted average basis in Nebraska.  Asking prices are $113 to $114 live and $178-plus dressed.

At the Hub City Livestock Auction in South Dakota receipts were down significantly on the week and the year.  The best test was on steers 900 to 950 pounds were $3 to $5 lower and heifers were not well tested for a good comparison.  Demand was good for the yearlings offered, which featured several strings and many packages.  Flesh was mostly light to moderate and quality was average to attractive.  Demand for calves was light to moderate.  Feeder supply included 78 percent steers and 92 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 864 to 898 pounds brought $149.25 to $165.30 and feeder steers 903 to 936 pounds brought $158.25 to $160.  Medium and Large 1 feeder heifers 851 to 875 pounds brought $144 to $149.

Boxed beef cutout values are mixed at midday on light to moderate demand and offerings.  Choice up $.86 at $202.97 and Select down $.63 at $191.14.  The Choice/Select spread is $11.83.

Cash hogs opened mixed with moderate negotiated purchase totals.  Support in the cash market could be dwindling as supply and demand uncertainties continue.  We’ve seen pretty large hog runs recently at heavier weights.  That adds more pork to a market that is still struggling in the wake of tariffs.  While that USMCA has been agreed to – it hasn’t been signed and Mexico hasn’t lifted its 20 percent tariff on US pork.  Domestic demand has likely seen a bump this month as October is National Pork Month – but that global demand picture is still unclear.

Barrows and gilts at the Western Corn Belt opened $.20 higher with a range of $61 to $63 for a weighted average of $62.83; the National Daily Direct is $.34 higher with a range of $58 to $63.42 for a weighted average of $62.99. The Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $40 and $44.  At Illinois, slaughter sow receipts are steady at $20 to $33 with moderate demand for moderate offerings.  Barrows and gilts are steady at $37 to $45 with moderate demand for moderate offerings.

Pork cutout values are steady at midday – up $.11 at $79.31.  The primals are mixed with gains in the bellies, butts, and loins and losses in the picnics, ribs, and hams.