Market News

Midday cash livestock markets

Direct cash cattle activity has been typically quiet this morning as packers are focused on the distribution of new showlists.  Last week saw a light to moderate trade develop on Friday.  Dressed deals were at $176 to $178, about $2 lower than the previous week’s weighted average basis in Nebraska, live deals were at $114, steady with the previous week.  Formula totals for last week were mixed, larger in Nebraska, but lower in Kansas and Texas.  Showlists this week are lower in Texas, Colorado, and Nebraska, but higher in Kansas.

In South Dakota last week, receipts were down on the week and up on the year.  Steer calves were $2 to $7 lower, except 500 to 600-pound steers which were steady to $2 lower.  Heifer calves under 450 pounds were $7 to $10 lower.  Yearling steers were steady to $5 lower.  The USDA says demand was moderate to good for fully preconditioned and/or weaned calves, light to moderate for those without boosters.  Many calves were light to moderate flesh.  Demand for yearlings was moderate to good as the supply tightens.  Medium and large 1 feeder steers 550 to 599 pounds brought $149.50 to $179.50 and Medium and Large 1 feeder heifers 550 to 599 pounds brought $134 to $160.

Boxed beef cutout values are firm with moderate demand for light offerings.  Choice is $.83 higher at $213.74 and Select is $.65 higher at $198.22.  The Choice/Select spread is $15.52.

Cash hogs opened lower with light negotiated purchase totals.  Packers will likely want to force some bigger numbers to start the week with the shortened holiday schedule.  In the long term, the market is still struggling with demand uncertainty.  There are a lot of hogs in the supply chain and the ongoing tariff games aren’t helping.  There is some guarded optimism as the President has indicated China is wanting to negotiate.  But, there’s still a long way to go before there is some resolution.

Barrows and gilts at the National Daily Direct opened $.36 lower with a range of $46 to $51.70 for a weighted average of $51.24.  The major regional direct markets were not reported at midday due to confidentiality.

Butcher hogs at the Midwest cash markets are at $33 in Zumbrota, Minnesota.  Dorchester, Wisconsin and Garnavillo, Iowa are closed for the holiday.

At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $30 to $44 with moderate demand for moderate offerings.  Barrow and gilt prices are $1 lower at $28 to $36 with moderate demand for moderate offerings.

Pork cutout values opened sharply higher – up $1.44 at $69.61.  Large gains in the butts, ribs, loins, and hams.  Picnics are weak and bellies are lower.