Market News

Midday cash livestock markets

A typically quiet Monday for direct cash cattle trade activity.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to be established and significant trade volume will likely be delayed until later in the week.  Last week, a moderate to active trade took place on Thursday and Friday.  Southern live deals were mostly at $109, $2 higher than the prior week’s deals.  Northern dressed business was mostly at $170, $2 higher than the prior week’s weighted average basis. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.15 higher at $215.21 and Select is $1.70 higher at $201.52.  The Choice/Select spread is $13.69. 

In South Dakota last week, compared to the previous week, steer calves were steady to $5 lower with instances of $10 lower on calves 500 to 550 pounds.  Heifer claves were $2 to $6 lower with instances of $8 to $10 lower.  Yearling feeder steers under 900 pounds were steady to $3 lower and over 900 pounds were unevenly steady.  Yearling feeder heifers were $2 lower.  The USDA says there was a more moderate demand for calves and demand remains strong for yearling steers and heifers as the supply of grass yearlings gets tighter.  Receipts are down on the week and the year.  Feeder supply included 56 percent steers and 77 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 597 pounds brought $147 to $168.25 and feeder steers 750 to 799 pounds brought $139.50 to $153.  Medium and Large 1 feeder heifers 814 to 846 pounds brought $132 to $141.70 and feeder heifers 951 to 994 pounds brought $124 to $134. 

Cash hogs opened weak with moderate negotiated purchases.  The industry remains focused on the supply and demand situation.  While there is overall optimism demand for US pork will see a big boost on the global market, the heavy supplies are weighing on prices.  Pork processors continue to push daily slaughter totals higher, in an effort to work through the backlog of hogs in the production system that remains from the pandemic-related slowdowns and shutdowns.  While that helps to keep the supply chain moving, it also adds more pork to an already saturated market.  Barrows and gilts at the National Daily Direct are $.77 lower with a base range of $63.58 to $66 for a weighted average of $63.82.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $50. 

Pork values are sharply higher at midday – up $2.68 at $97.48.  Bellies jumped $15.60 to start the day.  Ribs and hams were higher.  Picnics were firm.  Butts and loins are lower.