Market News

Midday cash livestock markets

Direct cash cattle trade activity is unsurprisingly quiet to start the week.  Bids and asking prices have yet to be established.  It’s likely significant trade volume will be delayed until midweek or later.  Most of last week’s business took place on Thursday with Southern live deals mostly at $120 to $121, steady to $1 higher than the prior week’s weighted averages.  Northern dressed deals were at mostly $196, $1 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $.23 lower at $275.82 and Select is $1.58 higher at $270.68.  The Choice/Select spread is $5.14. 

In South Dakota last week, feeder steers were $2 to $5 lower and heifers were $2 to $4 lower.  The USDA says demand was moderate to good for all classes and weights.  The market was pressured as live and feeder cattle futures were lower on the week and corn continued to push higher.  Cattle feeders remain cautious as input prices continue to move higher.  Drought conditions remain in areas across the state and there is a huge need for spring moisture to allow for grazing.  Receipts were down on the week, but up on the year.  Feeder supply included 56 percent steers and 92 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 850 to 899 pounds brought $130 to $143.50 and feeder steers 902 to 949 pounds brought $124 to $138.50.  Medium and Large 1 feeder heifers 750 to 799 pounds brought $128.50 to $141.50 and feeder heifers 808 to 849 pounds brought $122 to $134.    

Cash hogs are lower at midday with light negotiated runs.  Packers continue to keep an eye on the availability of market-ready hogs.  Strong demand on both the global market and domestically has been very supportive to prices and that’s expected to continue, at least for the time being.  Daily slaughter runs continue at relatively high levels.  Barrows and gilts at the National Daily Direct are $.96 lower with a bae range of $102.15 to $108 and a weighted average of $103.  The Western Corn Belt is $.99 lower with a weighted average of $104.39.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are called steady at $66, but that’s $4 higher than Friday’s last reported prices. At Illinois, slaughter sow prices were $2 lower with moderate to good demand for moderate offerings at $60 to $70.  Barrow and gilt prices were $2 higher with good demand for moderate to heavy offerings at $67 to $75.  Boars ranged from $30 to $40 and $12 to $20. 

Pork values are higher at midday – up $2.61 at $114.70.  Bellies, ribs, picnics, loins, and hams were all higher.  Butts were lower.