Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet – which is typical for a Monday.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until the second half of the week.  Last week, Northern dressed business ranged from $177 to $185, mostly $181 to $182, which was $1 to $2 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals had a full range of $112 to $115, mostly $114 to $115, $2 to $3 higher than the prior week’s weighted averages. 

Boxed beef was weak to lower at midday on light demand and offerings.  Choice is $.55 lower at $238.57 and Select is $.06 lower at $213.20. 

At the South Dakota Weekly Cattle Auction, receipts were up on the week and the year.  Compared to last week, steer calves were steady to $5 higher, heifer calves were steady to $4 higher.  Yearling feeder steers and heifers steady to $4 higher, except 800 to 900 pounds were $3 to $4 lower.  Moderate to good demand for calves, very good demand for yearlings.  There was a very large offering of claves as the calf run is in full swing across western and central SD.  Feeder supply included 60 percent steers and 44 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $141 to $167 and feeder steers 600 to 649 pounds brought $139.50 to $163.75.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $131.50 to $154 and feeder heifers 600 to 648 pounds brought $127 to $146.50. 

Cash hogs were steady with light negotiated purchase numbers.  The cash market continues to follow the same path.  Heavy supplies and demand uncertainty.  The combination of the two creates additional price support challenges in the market.  Supplies of ready barrows and gilts are more than ample and slaughter runs are hitting or coming close to record totals almost daily.  The back and forth trade banter with China doesn’t help the market – in fact, it makes it increasingly more difficult for the industry to gauge just how much demand will increase for US pork on the global market… if any. 

Barrows and gilts at the Iowa/Southern Minnesota opened $.16 higher for a weighted average of $42.80 and the National Daily Direct opened $.11 lower with a base range of $41 to $44.50 for a weighted average of $42.80.  Prices at the Eastern Corn Belt and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest Cash Market had no comparison of $36. 

Pork values opened firm – up $.73 at $83.40.  Bellies, ribs, and hams were higher to sharply higher.  Picnics and butts were steady. Hams were lower.