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 at least midweek or later.  Last week, Southern live business took place mostly on Thursday and had a full range of $119 to $119.50, mostly at $119, generally $1 higher than the prior week’s weighted averages.  Northern dressed deals waited until Friday and a full range of $187 to $190, mostly at $188, generally $1 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $1.55 lower at $223.01 and Select is $1.10 lower at $206.20.  The Choice/Select spread is $16.81. 

In South Dakota last week, compared to two weeks ago, feeder steers under 700 pounds were $3 to $5 lower, over 700 pounds were $2 to $4 higher.  Feeder heifers were unevenly steady, except over 900 pounds and those were $2 to $3 higher.  The USDA says there was moderate to good demand for calves and very good demand for yearlings.  Calves are in ample supply, but the yearling market supply is much tighter.  Receipts of 23,550 are up from two weeks ago, but down on the year.  Feeder supply includes 61 percent steers and 57 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 596 pounds brought $148 to $167.50 and feeder steers 600 to 648 pounds brought $144 to $167.  Medium and Large 1 feeder heifers 550 to 598 pounds brought $128 to $146.75 and feeder heifers 602 to 646 pounds brought $125.50 to $146.25. 

Midday cash hog prices were delayed due to packer submission problems.  There’s been some good news recently – both for domestic and global demand for US pork.  But the heavy supplies are limiting the market’s ability to move significantly higher.  The latest jobs report is very supportive to the domestic demand picture.  And there’s been news that tariff levels on some US pork has been waived by China, which is good news.  But the overall trade uncertainty – both with China and the USMCA – leaves the market vulnerable and subject to continued volatility. 

Butcher hogs at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow prices were $1 lower at $21 to $31 with moderate demand for moderate offerings.  Receipts are down on the week and the year.  Barrow and gilt prices were $1 higher at $26 to $33 with moderate demand for moderate offerings. 

Pork values are firm – up $.93 at $83.01.  Picnics and bellies are sharply higher.  Butts and hams are firm.  Ribs are steady.  Loins are weak. 

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