Market News

Midday cash livestock markets

Direct cash cattle trade activity is slow to develop today following multiple days of light to moderate trade.  There are a few bids on the table in Nebraska at $175 dressed and in Kansas at $105 live.  But asking prices have been hard to find.  Light to moderate business has developed every day this week, and the ranges have been wide.  North dressed deals ranged from $173 to $187 and Southern live business has had a full range of $110 to $118.  It’s quite possible the bulk of this week’s trade is over, but we could still see some cleanup business surface.

Boxed beef is sharply lower at midday on light demand for moderate offerings.  Choice is $19 lower at $276.90 and Select is $11.82 lower at $264.96.  The Choice/Select spread is $11.94. 

At the Hub City Livestock Auction in South Dakota, compared to last week, the best test was on steers and they were steady to $3 higher.  That came on steers 700 to 750-pounds, 800 to 850-pounds, 950 to 1000-pounds, and 1050 to 1100 pounds.  Heifers were not well compared for an accurate trend.  The USDA says demand was moderate to good for the week’s large offering.  Quality was more varied this week and was anywhere from plain to attractive.  Flesh was similar to last week with most of the offering in moderate to moderate-plus flesh.  The market was fairly active.  Receipts were down slightly on the week but up on the year.  Feeder supply included 73 percent steers and 87 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 809 to 849 pounds brought $134 to $142.50 and feeder steers 959 to 994 pounds brought $114 to $123.  Medium and Large 1 feeder heifers 605 to 647 pounds brought $135 to $145.75 and feeder heifers 862 to 896 pounds brought $112.75 to $118.50. 

Cash hogs opened weak with fairly strong negotiated numbers.  Processors continue to increase chain speed and that’s helping to slow the backlog of hogs.  However, they’re still not at pre-coronavirus pandemic levels and it’s difficult to work through that backlog in the supply chain.  Processors are still facing heavy supplies of market-ready barrows and gilts and trying to balance that with available shackle-space and labor.  There’s been concern demand for US pork on the global market could suffer as trade tension with China continues to rise.  Barrows and gilts at the National Daily Direct opened $.87 lower with a base range of $28 to $35.12 for a weighted average of $32.92.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

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

Pork values are sharply higher at midday – up $4.02 at $79.03.  Hams jumped more than $18 to start the day.  Bellies and picnics were also sharply higher.  Ribs were weak and loins and butts were sharply lower. 

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