Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. The big feature will be the distribution of the week’s show list. Bitterly cold conditions in some of the major feeding areas are expected to ease by midweek, which is about when this week’s trade could get underway. Last week’s trade in the south was mainly at $156 on the live basis, $1 higher than the previous week’s weighted average, and dressed business in the north was mostly at $248 dressed, steady on the week. Live trade in Nebraska was at $155 to $156, steady to $1 higher. The USDA’s semi-annual Cattle Inventory report is out Tuesday at 3 Eastern/2 Central.

Boxed beef at midday was firm to higher with light movement. Choice was up $.07 at $267.83 and Select was $1.14 higher at $251.68.

At the Ft. Pierre Livestock Auction feeder cattle sale in South Dakota, compared to the previous week, 550 to 599 pound steers were $8 to $10 higher, 600 to 699 pound steers were $6 to $8 lower, and steers weighing 700 to 749 pounds were $1 to $3 higher, while 500 to 549 pound heifers were $2 to $4 higher, 550 to 599 pound heifers were $6 to $8 lower, and 600 to 699 pound heifers were steady to $2 higher. The USDA says it was an active market, flesh ranged from light fleshed hay fed cattle to moderate plus backgrounded cattle. There were several consignments for multiple loads of cattle from the same owner in addition to several consignments of reputation replacement heifers. Some area pens are sloppy and muddy due to winter weather. Receipts were up on the week and the year. Medium and Large 1 feeder steers weighing 600 to 700 pounds sold at $181.50 to $210 and 700-to-800-pound steers ranged from $181 to $196.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds brought $177 to $202 and 600-to-700-pound heifers were reported at $167.50 to $187.

Cash hogs are lower with light opening negotiated movement at the major direct markets. Most buyers have started the week bidding lower while looking at any potential short-term movement issues caused by the weather, the availability of market-ready numbers, and demand factors. Buyers continue to hold significant leverage over the market.

National direct barrows and gilts opened $.39 lower with a base price range of $70 to $72 for a weighted average of $70.25. The major regional direct markets had no recent comparison, but the Eastern Corn Belt did report a weighted average of $70.41.

Butcher hogs at the Midwest cash markets are $2 lower than the last reported test at $60.

Pork at midday was $2.21 higher at $81.46. Loins, picnics, ribs, and hams were firm to sharply higher, while butts and bellies were sharply lower.