Market News

Midday cash livestock markets

It’s a quiet start to the holiday-shortened week for direct cash cattle business.  The lone bid that has surfaced is at $145 live in Nebraska.  Asking prices in the South are around $140 live, while the north has been quiet.  Look for more business to develop over the balance of the week. 

Boxed beef is higher at midday on moderate demand for light offerings.  Choice is $.35 higher at $264.17 and Select is $.23 higher at $240.70.  The Choice/Select spread is $23.47. 

In South Dakota last week, most feeder steers were steady to $5 higher.  However, steers 1000 to 1100 pounds were $5 lower.  Feeder heifers were $3 to $5 higher with instances of up to $10 higher.  The USDA says demand was very good for all weights of feeder cattle as auctions have been more sporadic.  Receipts were up from the previous week and on the year.  Feeder supply included 46% steers and 96% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 796 pounds brought $171 to $185 and feeder steers 853 to 898 pounds brought $164.50 to $180.50.  Medium and Large 1 feeder heifers 806 to 839 pounds brought $155 to $172.50 and feeder heifers 852 to 888 pounds brought $148 to $158.60. 

Cash hogs were higher at midday with moderate negotiated purchases.  Demand for US pork has been strong on the global market and domestically, helping provide some price support.  The industry also continues to monitor the availability of market-ready hogs.  Processors were slightly more aggressive in their procurement efforts to start the day and bid up to move their desired numbers.   Barrows and gilts at the National Daily Direct are $.63 higher with a base range of $110 to $124 and a weighted average of $113.88.  The Iowa/Minnesota had no comparison but a weighted average of $120.33 and the Western Corn Belt had no comparison but a weighted average of $121.90.  Prices at the Eastern Corn Belt were not reported due to confidentiality.   

Butcher hog prices at the Midwest cash markets are steady at $77. 

Pork values are sharply higher – up $8.28 at $117.03.  Bellies jumped more than $37.  Picnics, loins, and hams were all higher.  Butts and ribs were lower.