Market News

Midday cash livestock markets

It’s a quiet start to the week for direct cash cattle trade activity.  Buyers and sellers are taking inventory.  Bids and asking prices have yet to surface and it’s likely significant trade volume will be delayed until at least mid-week or later.  Trade last week began on Wednesday in the South with a full range of $103 to $105, mostly at $103 to $103.50, about $2 higher than the prior week’s weighted averages.  Northern dressed trade took place on Thursday, with a little cleanup trade on Friday, and had a full range of $162 to $165, mostly at $163, generally $2 higher than the prior week’s weighted averages basis in Nebraska. 

Boxed beef is higher at midday on good demand for light offerings.  Choice $1.22 higher at $216.86 and Select is $1.46 higher at $205.40.  The Choice/Select spread is $11.46. 

In South Dakota last week, feeder steers under 1000 pounds were $2 to $4 higher and steers over 1000 pounds were steady.  Feeder heifers under 800 pounds were unevenly steady and heifers over 800 pounds were $2 to $4 higher.  The USDA says demand was very good for yearling steers and heifers.  Drought conditions remain across the state and pastures are short and dry, causing calves to be weaned early in East River.  In West River, conditions are also dry, but ranchers haven’t had to change their normal marketing schedules.  Receipts are up from two weeks ago and on the year.  Feeder supply included 52 percent steers and 60 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 805 to 849 pounds brought $137 to $150.75.  Medium and Large 1 feeder heifers 852 to 896 pounds brought $124.25 to $140.25. 

Cash hogs are steady to sharply higher at midday with solid negotiated numbers.  The cash hog markets continue to move based on the supply and demand picture.  There’s been some optimism that demand for US pork will continue to see a boost on both the global market and domestically.  That helps to provide some price support.  But the continued big slaughter runs, and ample supplies of market-ready barrows and gilts make it very difficult for prices to turn higher for an extended period of time.  Barrows and gilts at the National Daily Direct are $.13 lower with a base range of $55 to $64 for a weighted average of $60.86; the Iowa/Minnesota is $1.05 higher for a weighted average of $62.55; the Western Corn Belt is $1.15 higher for a weighted average of $62.55.  The Eastern Corn Belt is not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $28.  At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $11 to $23.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $35 to $41.  Boars ranged from $1 to $3. 

Pork values are sharply higher at midday – up $3.09 at $90.62.  Hams jumped more than $14 to start the day.  Bellies are also sharply higher.  Ribs are firm.  Picnics, butts, and loins are lower to sharply lower.