Market News

Midday cash livestock markets

Direct cash cattle trade is starting the week quiet, with packers focused on the collection of new showlists.  Look for those to be mixed as we expect to see some carryover from last week in the South.  The North saw a light to moderate trade begin on Tuesday and wrap up on Thursday with the full range at $170 to $175, mostly at $174, generally steady with the previous week’s weighted average basis in Nebraska.  Live deals were marked at $111, fully steady with the previous week.

At the South Dakota auctions last week, receipts were up on the week and the year.  Compared to last week, steer calves were $3 to $5 lower, except 600 to 650 pounds and over 700 pounds – both were steady.  Heifer calves under 550 pounds were $3 to $5 lower, over 550 pounds were steady.  Yearling steers were steady to $2 lower and heifers were mostly steady.  The market becomes active for yearlings as demand remains strong.  Packers remain in the driver’s seat and are not willing to raise bids as market-ready supplies remain abundant.  Medium and Large 1 feeder steers 500 to 548 pounds brought $164 to $197 and feeder steers 600 to 649 pounds brought $151.50 to $152.  Medium and Large 1 feeder heifers 450 to 499 pounds brought $150 to $180.25 and feeder heifers 500 to 548 pounds brought $141 to $169.

Boxed beef cutout values are firm to sharply higher with moderate demand for light offerings.  Choice up $.88 at $208.81 and Select up $2.65 at $196.89.  The Choice/Select spread is $11.92.

Cash hogs opened mixed with light negotiated purchase totals.  Prices at the major regional direct markets were not reported due to confidentiality.  Supply and demand concerns continue.  We’re running into the seasonal peak for hog runs and the large supply, combined with the rising hog weights adds more pork to a market that struggles with demand uncertainty.

Butcher hogs at the Midwest cash markets are steady at $38 and $44.   At Illinois, slaughter sow receipts are up on the week and even on the year.  Prices are $1 higher at $29 to $41 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $32 to $42 with moderate demand for moderate offerings.

Pork cutout values are sharply higher at midday – up $1.75 at$80.17.  Bellies are sharply higher, up $6.92. Hams and loins are also sharply higher.