Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade is underway across cattle country.  Live deals in the South are at $120, $10 higher than last week’s weighted averages basis in Texas.  Northern dressed business is at $190, $11 higher than last week’s weighted average basis in Nebraska.  Asking prices are at $120 plus live in the South and $190 to $195 dressed in the North.  There was a light round of trade reported late in the day on Tuesday at $115 to $120 live and $180 to $190 dressed.  The Fed Cattle Exchange had an offering of 2,782 head with zero head sold. 

Boxed beef opened steady to higher on moderate demand for moderate offerings.  Choice is $.16 lower at $409.31 and Select is $3.90 higher at $392.77.  The Choice/Select spread is $16.54. 

At the Sioux Falls Regional Cattle Auction in South Dakota, compared to last week feeder steers under 800 pounds were $5 to $10 higher with instances of $12 higher.  Steers over 800 pounds were mostly steady.  Feeder heifers were $7 to $13 higher.  The USDA says demand was good to very good for the nice offering of feeder cattle.  There were many small strings of lightweight cattle that were met by eager buyers.  Feeder cattle that will reach finished weights later this year or early next were highly sought after.  Receipts were up on the week.  Feeder supply included 56 percent steers and 90 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 791 pounds brought $135 to $152.75 and feeder steers 858 to 899 pounds brought $125.75 to $133.  Medium and Large 1 feeder heifers 755 to 789 pounds brought $121 to $133.50 and replacement quality heifers 767 to 771 pounds brought $137.50.    

Cash hogs opened lower with moderate negotiated numbers.  Supplies of market-ready barrows and gilts are heavy and processors are slowly working through the backlog of hogs in the supply chain.  At the same time, they’re trying to balance supplies with available shackle space.  And it is a very delicate balance.  Hog weights declined this week to 294.1 pounds, that’s down a pound from last week, but still 9 pounds above last year’s averages.  Barrows and gilts at the National Daily Direct opened $2.39 lower with a base range of $33 to $38.50 for a weighted average of $35.93.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $20. 

Pork values opened sharply higher – up $6.69 at $104.39.  Hams jumped nearly $28 to start the day.  Loins and ribs were also sharply higher.  Picnics, bellies, and butts were lower to sharply lower.