Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet for a Monday.  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.  A mostly light to moderate trade took place on Thursday and Friday of last week.  Southern live deals ranged from $99 to $100, which was steady to $1 lower than the prior week’s weighted averages.  Northern dressed deals had a wide range of $156 to $163, mostly at $159 to $160, which was roughly $6 to $7 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is mixed at midday on moderate demand for light to moderate offerings.  Choice is $.28 higher at $221.16 and Select is $2.65 lower at $195.95. 

At South Dakota last week, receipts were up on the week and down on the year.  Compared to the prior week feeder steers and heifers were $5 to $10 lower.  The demand for yearling steers and heifers overall was moderate.  Feeder supply included 71 percent steers and 99 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 851 to 899 pounds brought $124.50 to $137.75 and feeder steers 950 to 994 pounds brought $115.60 to $129.  Medium and Large 1 feeder heifers 801 to 849 pounds brought $120 to $133 and feeder heifers 903 to 946 pounds brought $112.75 to $125.50. 

Cash hogs opened weak with light negotiated purchase numbers.  The market remains restricted by the supply and demand picture.  While there is renewed hope that the trade situation with China will improve drastically and there will be a significant increase in demand for US pork on the global market, that has yet to happen and prices are having a difficult time moving higher.  Especially as the supply of ready barrows and gilts is more than ample and slaughter runs continue to run well above year-ago numbers.  Barrows and gilts at the National Daily Direct are $.51 lower with a base range of $44 to $46 with a weighted average of $44.44.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hogs at the Midwest cash markets had no comparison but are at $33. At Illinois, slaughter sow prices were weak at $18 to $29 with moderate demand for moderate to heavy offerings.  Barrow and gilt prices were weak at $23 to $31 with light demand for moderate offerings. 

Pork values are higher at midday – up $1.62 at $69.83.  Ribs are up $5 this morning.  Loins are sharply higher.  Bellies and picnics are higher.  Hams are firm.  Butts are lower.