Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start to the week.  Buyers and sellers are busy taking inventory.  Bids and asking prices are not yet established and it’s likely significant trade volume will be delayed until at least midweek or later.  The majority of last week’s business took place on Wednesday and Thursday.  Southern live deals ranged from $106 to $109, mostly at $108, roughly $.50 lower than the prior week’s weighted averages.  Northern dressed trade had a range of $165 to $170, mostly $169, about $1 lower than the previous week’s weighted average basis. 

Boxed beef is steady to lower at midday on light demand for light offerings.  Choice is $.17 lower at $209.86 and Select is $1.05 lower at $192.47.  The Choice/Select spread is $17.39. 

In South Dakota last week, there was a very large offering of steer and heifer calves.  Yearling feeder steers were mostly steady, except 800 to 900 pounds, which were $2 to $3 lower.  Yearling heifers were unevenly steady.  The USDA says there was moderate to good demand for calves, good demand for yearlings – especially those that spent the summer on grass.  This was the first large calf offering of the fall marketing season.  There’s higher demand for calves that are fully preconditioned.  Receipts are up on the week and the year.  Feeder supply included 59 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $142.50 to $168 and feeder steers 600 to 648 pounds brought $143 to $165.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $138 to $157.75 and feeder heifers 851 to 898 pounds brought $128 to $143.75. 

Cash hogs opened sharply lower with moderate negotiated purchases.  Supplies of market-ready barrows and gilts remain more than ample and as daily slaughter totals continue to push higher, it adds more pork to an already saturated market.  The global market for pork is seeing a bit of a shift as Germany is still unable to export pork as it battles African swine fever in its wild boar population in parts of the country.  That could create additional export opportunities for US pork, which would likely create price support.  Barrows and gilts at the National Daily Direct are $2.06 lower with a base range of $58.88 to $65 for a weighted average of $59.84.  Prices at the major regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are at $40.  At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $20 to $40.  Barrow and gilt prices were weak with good demand for moderate offerings at $41 to $45.  Boars ranged from $1 to $5. 

Pork values are higher at midday – up $1.06 at $100.25.  Bellies and hams are sharply higher.  Butts, picnics, and loins are all lower to sharply lower.