Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start.  Buyers and sellers are busy taking inventory and bids and asking prices have yet to surface.  It’s likely the bulk of the week’s business will be delayed until Midweek or later.  Last week’s business had Southern live deals at mostly $124, about steady with the previous week’s business.  Dressed deals were mostly $196, about steady with the prior week’s weighted average basis in Nebraska. 

Boxed beef was lower at midday with light demand for moderate offerings.  Choice was $1.59 lower at $280.23 and Select was $.92 lower at $262.19.  The Choice/Select spread is $18.04. 

In South Dakota last week, compared to the previous week’s sales, steers calves under 450 pounds were $5 to $7 higher and steers over 450 pounds were $2 to $3 higher.  Heifer calves were steady to $4 higher.  Yearling steers were steady to $4 lower on a light test and yearling heifers were $3 to $6 higher.  There were many strings of precondition calves in the offering and they were met with moderate to good demand.  Receipts were down on the week and the year.  Medium and Large 1 feeder steers 550 to 599 pounds brought $161 to $189 and feeder steers 600 to 649 pounds brought $161 to $181.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $144 to $166.50 and feeder heifers 851 to 896 pounds brought $142.50 to $153. 

Cash hogs are lower at midday with moderate negotiated purchases.  Processors continue to move their desired numbers at generally weaker prices.  Supplies of market-ready barrows and gilts are more than ample.  Demand for US pork on the global market and domestically has been strong, which is expected to continue.  And while there is some long-term demand concern and prices have been under pressure, they are higher than projections earlier this year. Barrows and gilts at the National Daily Direct are $.59 lower with a base range of $63 to $67 and a weighted average of $63.64; the Iowa/Minnesota and the Western Corn Belt both had a weighted average of $65.11.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were $2 to $3 higher with good demand for light offerings at $49 to $59.  Barrows and gilts were steady with good demand for moderate offerings at $40 to $47.  Boars ranged from $20 to $25 and $9 to $15. 

Pork values are higher at midday – up $2.24 at $100.51.  Bellies jumped more than $23 to star the day. Ribs were also sharply higher.  However, loins, hams, butts, and picnics were lower to sharply lower.