Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start today.  Bids and asking prices have yet to be established.  It’s likely significant trade volume will be delayed until the latter half of the week.  Last week a very light trade developed in the North on Thursday.  A more significant trade developed in that area on Friday with dressed business ranging from $180 to $188, mostly $182, roughly $2 higher than the previous week’s weighted average basis.  A light to moderate live trade developed in the South at $111 to $112, $2 to $3 higher than the prior week’s weighted average basis. 

Boxed beef is steady to firm at midday on moderate demand for moderate offerings.  Choice is $.68 higher at $213.48 and Select is $.13 lower at $189.47.  The Choice/Select spread is $24.01. 

At South Dakota last week, receipts were down on the week and the year.  Compared to two weeks ago feeder steers under 900 pounds were $2 to $5 higher, steers over 900 pounds were $5 to $15 higher.  Feeder heifers were steady to $5 higher.  The USDA says demand was good to very good for all weights and classes.  The best demand was centered on yearling steers weighing over 900 pounds.  Feeder supply included 59 percent steers and 93 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 872 to 893 pounds brought $146.75 to $148.75 and feeder steers 961 to 997 pounds brought $124.50 to $141.90.  Medium and Large 1 feeder heifers 719 to 749 pounds brought $131 to $140 and feeder heifers 850 to 888 pounds brought $119.50 to $128.50. 

Cash hogs opened sharply lower with very light to moderate negotiated purchase numbers.  The supply and demand situation remains the major storyline for the cash hog markets.  The availability of market-ready barrows and gilts is ample and slaughter runs are well above year-ago totals.   But there is still some optimism as China’s pork production continues to decline as it works to control the spread of African Swine Fever.  There is still hope demand for US pork will increase on the global market and should be supportive to higher prices.     

Barrows and gilts at the National Daily Direct opened $1.64 lower with a range of $66.06 to $69 for a weighted average of $66.44.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40. 

At Illinois, slaughter sow prices were steady at $19 to $31 with moderate demand for moderate to heavy offerings.  Receipts were down on the week and the year.  Barrow and gilt prices were firm at $40 to $48. 

Pork values are weak at midday – down $.56 at $71.09.  Picnics are sharply lower – down $4.92.  Bellies, ribs, and hams are all weak to lower.  Butts are steady.  Loins are higher.