Market News

Midday cash livestock markets

Direct cash cattle trade is off to a quiet start this week with bids and asking prices not yet established.  If this week’s business follows the trend of recent weeks, it’s very likely that light to moderate business will develop nearly every day.  Looking at last week, business started on Tuesday, with price ranges improving and in a much narrower range.  Live deals mostly ranging from $95 to $97 and dressed business mostly from $155 to $157.

Boxed beef is weak to lower at midday on light demand for moderate offerings.  Choice is $.44 lower at $204.06 and Select is $1.86 lower at $192.43.  The Choice/Select spread is $11.63. 

In South Dakota last week, feeder steers under 900 pounds were $3 to $4 higher and steers over 900 pounds were $10 to $12 higher.  Feeder heifers under 900 pounds were $2 to $3 higher and over 900 pounds $7 to $10 higher.  The USDA says demand was good to very good for yearling steers and heifers and improved as the week progressed – especially on the heaviest yearlings.  Receipts were up on the week and nearly steady on the year.  Feeder supply included 62 percent steers and 97 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 792 pounds brought $138 to $147 and feeder steers 902 to 941 pounds brought $124 to $137.25.  Medium and Large 1 feeder heifers 700 to 749 pounds brought $126 to $134 and feeder heifers 900 to 946 pounds brought $112.75 to $119.50. 

Cash hogs are weak at midday with moderate negotiated numbers.  The industry continues to watch the supply and demand picture.  With heavy supplies of market-ready barrows and gilts and increasing daily slaughter totals, strong demand will be vital in the ability for the hog market to turn positive.  The US is still well-positioned to meet China’s pork and protein needs.  While global demand is critical, strong domestic demand is also an integral piece to the price improvement puzzle.  Barrows and gilts at the National Daily Direct are $.48 lower at midday with a base range of $26 to $29.97 for a weighted average of $29.52; the Iowa/Minnesota is $.69 lower for a weighted average of $29.20; the Western Corn Belt is $.68 lower for a weighted average of $29.20.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with good demand for moderate to heavy offerings at $9 to $20.  Barrow and gilt prices were firm with moderate to good demand for moderate to heavy offerings at $14 to $22.  Boars ranged from $2 to $5. 

Pork values are sharply higher at midday – up $3.40 at $72.35.  Bellies and hams are sharply higher.  Ribs are higher.  Picnics, loins, and butts are all lower.