Market News

Midday cash livestock markets

It’s a typically quiet start to the week for direct cash cattle business.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to be established and significant trade volume isn’t expected to develop until later in the week.  Business started on Tuesday last week and continued in dribs and drabs throughout the week.  Live deals in the South were at mostly $135 to $136, steady to $1 higher than the prior week’s weighted averages.  Dressed deals in the North were at mostly $225 to $227, steady to $2 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $1.79 higher at $266.41 and Select is $1.15 higher at $239.82.  The Choice/Select spread is $26.59. 

In South Dakota, compared to last week feeder steers under 1000 pounds were $3 to $6 higher.  Steers over 1000 pounds were $3 to $6 lower.  Feeder heifers were unevenly steady.  The USDA says demand was very good for all weights and classes of cattle.  While offerings were down significantly on the week and the year, the market remained active.  Buyers are very interested in feedyard backgrounded yearlings.  Feeder supply included 63% steers and 97% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 858 to 899 pounds brought $172 to $191.75 and feeder steers 951 to 988 pounds brought $165 to $179.75.  Medium and Large 1 feeder heifers 706 to 739 pounds brought $169 to $181.50 and feeder heifers 903 to 942 pounds brought $152.75 to $161.50. 

Cash hogs are lower at midday with solid negotiated purchases.  The industry continues to monitor the availability of market-ready hogs.  Buyers were able to move their desired numbers to start the day without having to bid up.  Demand, overall, has been strong for US pork on the global market, which has helped provide price support.  However, there are long-term concerns which have been putting some pressure on prices. Barrows and gilts at the National Daily Direct are $.79 lower with a base range of $114 to $135 and a weighted average of $122.88.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at midday. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $68 to $79.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $45 to $55 and $10 to $20. 

Pork values were higher at midday – up $3.95 at $128.98.  Bellies were up more than $14.  Butts, picnics, and ribs were all sharply higher.  Hams and loins were higher.