Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet for a Monday.  Asking prices and bids are not established.  It’s likely significant trade volume will be delayed until sometime Midweek.  Significant business never really developed last week.  Light trade trickled in and out much of the latter half of the week.  Northern dressed business ranged from $182 to $186, mostly at $184, which was generally steady with the previous week’s weighted average basis in Nebraska.  Live deals in the South ranged from $110 to $112, which was about $1 to $2 lower than the prior week’s averages. 

Boxed beef is mixed at midday – firm on Choice and weak on Select on moderate demand for moderate offerings.  Choice is $.42 higher at $222.65 and Select is $.37 lower at $202.39.  The Choice/Select spread is $20.26. 

In South Dakota last week, receipts were up on both the week and the year.  Compared to the previous week’s sales, feeder steers and heifers were $2 to $5 higher.  Demand was much improved last week.  Flesh condition of cattle has been really attractive.  But, packers have been making lower bids early in the week and are able to get their desired numbers and cattle feeders have been left disappointed.  Feeder supply included 56 percent steers and 89 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 859 to 899 pounds brought $125 to $126.50 and feeder steers 904 to 949 pounds brought $121.75 to $132.75.  Medium and Large 1 feeder heifers 750 to 797 pounds brought $121.75 to $134.25 and feeder heifers 851 to 899 pounds brought $115 to $124.50. 

Cash hogs opened lower with light to moderate negotiated purchase totals.  The market continues to struggle to find a balance with the supply and demand situation.  The availability of market-ready hogs is ample and the large slaughter runs continue above last year’s pace.  But, demand remains uncertain.  While China’s hog herd is dropping because of the spread of African Swine Fever, the contentious trade situation isn’t helping to boost US pork supplies headed into China at the rate that the market had originally anticipated.  Barrows and gilts at the National Daily Direct opened $1.01 lower with a base range of $67 to $76 for a weighted average of $74.70.  Prices at the major directs were not reported at midday due to confidentiality. 

Butcher hogs at the Midwest cash markets had no comparison but are at $54.

Pork values are weak – down $.43 at $82.78.  Bellies and loins were lower.  Hams were weak.  Picnics were steady, butts were higher and ribs jumped $14.46 at midday.