Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start.  Bids and asking prices have yet to be established.  The recent trend has been for light trade to develop throughout the week, so we could see some business start to develop later in the day.  Looking back at last week, there was another week of business with wide price swings.  Live deals in Kansas ranged from $110 to $120 and Texas had a full range of $108 to $120.  Dressed business in Nebraska ranged from $178 to $190 and Iowa ranged from $175 to $190. 

Boxed beef is sharply lower at midday on light demand for moderate offerings.  Choice is $13.03 lower at $350.31 and Select is $10.40 lower at $329.67. 

In South Dakota last week, feeder steers were steady to $4 higher and heifers were steady to $3 higher with instances of $6 to $7 higher on 550 to 650-pound heifers.  The USDA says demand was very good for light-weight yearlings and calves and moderate to good for heavier weights bound for finishing yards.  Heavier backgrounded cattle are plentiful as cattle feeders have been reluctant to pick them up.  Receipts were down on the week and up on the year.  Feeder supply included 60 percent steers and 90 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 804 to 848 pounds brought $129.50 to $141 and feeder steers 901 to 949 pounds brought $114.85 to $126.75.  Medium and Large 1 feeder heifers 650 to 699 pounds brought $127.35 to $150.50 and feeder heifers 801 to 842 pounds brought $114 to $132. 

Cash hogs opened lower with moderate negotiated numbers.  Supplies of market-ready hogs remain more than ample and while daily slaughter totals are on the rise, they’re still not near pre-COVID levels.  Right now – the industry is what could be considered “breaking even” and isn’t able to make a large dent in the backlog of hogs in the supply chain.  Demand concerns are also adding pressure to an already volatile market.  Barrows and gilts at the National Daily Direct are down $1.69 with a base range of $31 to $38 for a weighted average of $35.23 and the Eastern Corn Belt had no comparison but a weighted average of $35.43.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were weak with moderate demand for moderate to heavy offerings at $7 to $20.  Barrow and gilt prices were weak with light demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values were sharply lower at midday – down $4.87 at $83.33.  Loins dropped more than $24 and picnics and ribs were sharply lower.  Hams were firm and butts and bellies were sharply higher.