Market News

Midday cash livestock markets

Boxed beef is higher at midday on strong demand for light offerings.  Choice is $1.14 higher at $234.34 and Select is $2.32 higher at $209.83.  The Choice/Select spread is $24.51. 

It’s a typically quiet Monday for direct cash cattle trade activity with the majority of today’s business the collection and evaluation of new showlists. Bids and asking prices are not established as of yet.  It’s likely significant trade volume will be delayed until at least midweek or later. Last week, live business developed in the South on Wednesday and Thursday with deals ranging from $110 to $113, mostly at $112, which was $2 higher than the prior week’s weighted averages.  Significant Northern dressed business held out until Friday with a full range of $175 to $180, mostly at $180, which was $5 higher than the prior week’s weighted average basis in Nebraska. 

In South Dakota last week, receipts were up from the previous week and up slightly from last year.  Steer and heifer calves were mostly $2 to $5 higher.  Yearling feeder steers and heifers were steady to $1 higher for the week. The USDA says demand was moderate to good with the lightest demand for calves that did not have the full round of preconditioned vaccinations.  There were wide price spreads and discounts for the varying degrees of preconditioning and weaning practices.  Feeder supply included 62 percent steers and 43 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $144 to $167.50 and feeder steers 600 to 648 pounds brought $133.50 to $161.50.  Medium and Large 1 feeder heifers 500 to 547 pounds brought $124 to $159.50 and feeder heifers 550 to 599 pounds brought $122 to $148.50. 

Cash hogs opened mixed with fairly solid negotiated purchase numbers.  The cash hog market continues to be driven by the supply and demand picture.  Despite the ongoing global struggles with African Swine Fever demand for US pork has not seen a significant boost on the global market.  Until the cash trade starts to see larger amounts of pork moving – it will be very difficult for prices to move higher.  Especially with the ample supply of market-ready barrows and gilts and slaughter runs continue to hit record or near-record numbers almost daily.  Barrows and gilts at the Iowa/Southern Minnesota opened $.73 higher for a weighted average of $46.68; the Western Corn Belt is $.38 higher for a weighted average of $46.49; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.18 lower with a base range of $44 to $50 for a weighted average of $47.30. 

Butcher hog prices at the Midwest cash markets are $2 to $4 lower at $36. 

Pork values are higher at midday – up $1.93 at $77.57.  Bellies jumped more than $8 this morning.  Ribs, butts, loins, and picnics were all higher.  Hams were lower.