Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start the week.  Bids and asking prices are not established.  It’s likely significant trade volume will be delayed until the latter half of the week.  However, we could start to see some activity develop early on as packers remain short-bought after last week’s light to moderate trade.  Last week live trade ranged from $108 to $110, mostly at $110 – which is $1 to $2 lower than the previous week.  Dressed business had a full range of $176 to $183, mostly $180 to $181, which was $3 to $4 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is steady to firm at midday on moderate demand for moderate offerings.  Choice is $.27 higher at $220.09 and Select is $.79 higher at $200.34.  The Choice/Select spread is $19.75. 

In South Dakota last week, receipts were down on both the week and the year.  Compared to the previous week’s sales, feeder steers were steady to $3 lower with instances of $4 to $6 lower on 650 to 700 pounds and 750 to 800 pounds.  Feeder heifers were steady to $2 lower.  Demand was moderate to good for steers and heifers.  The market was active despite the weakness in the cattle futures market.  Feeder supply included 51 percent seers and 89 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 696 pounds brought $141.75 to $160 and feeder steers 901 to 948 pounds brought $117.75 to $127.25.  Medium and Large 1 feeder heifers 750 to 799 pounds brought $122 to $135 and feeder heifers 851 to 899 pounds brought $113 to $125. 

Cash hogs opened lower with light to moderate negotiated purchase totals. Heavy supplies combined with uncertain demand is adding additional pressure to prices.  However, losses have been limited as there are still expectations for significantly higher demand for US pork on the global market.  All eyes are on China and the US this week as they head back to the table for trade negotiations at the G20.  Barrows and gilts at the National Daily Direct opened $1.53 lower with a base range of $64 to $75 for a weighted average of $72.32.  Prices at the major directs were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $1 higher at $53 and $54. 

Pork values opened firm up $.73 at $77.46.   Bellies and ribs were sharply higher.  Hams were higher.  Picnics, butts, and loins were weak to lower.