Market News

Midday cash livestock markets

A quiet end to the week for direct cash cattle trade.  It looks like business has wrapped up for the week as bids and asking prices across cattle country are both hard to find.  Trade has come in incrementally this week, with light to moderate business every day.  Southern live deals have ranged from $105 to $106, $2 to $3 lower than last week’s weighted averages.  Northern dressed business has been at mostly $165 to $166, which is $2.50 to $3.50 below last week’s weighted average basis in Nebraska.  While it isn’t likely, there could be some scattered cleanup business at some point today.  All eyes will be on this afternoon’s Cattle on Feed report. 

Boxed beef is steady to higher at midday on moderate to good demand for light offerings.  Choice is $.11 higher at $208.97 and Select is $1.02 higher at $192.10.  The Choice/Select spread is $16.87. 

At the Mitchell Livestock Auction in South Dakota, compared to last week a lower undertone was noted on steers up to 900 pounds.  Steers 900 to 950 pounds were $6 lower and steers over 950 pounds also sold with a lower undertone.  Heifers up to 850 pounds were weaker, heifers 850 to 900 pounds were $4 lower, and heifers over 900 pounds sold with a lower undertone.  The USDA says there were many load lots in the day’s offering and demand was good.  Receipts are up on the week and the year.  Feeder supply included 56 percent steers and 94 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 917 to 944 pounds brought $130.10 to $133.75 and feeder steers 959 to 990 pounds brought $128.75 to $134.60.  Medium and Large 1 feeder heifers 800 to 827 pounds brought $128 to $133.75 and feeder heifers 852 to 895 pounds brought $122.50 to $134. 

Cash hog prices at the regional direct markets have been delayed at midday due to packer submission problems.  The industry has been stuck in a pattern where it is watching the supply and demand situation.  The availability of market-ready hogs is more than ample and processors continue to push daily slaughter totals higher in an effort to work through the backlog of hogs in the production system that still linger from the COVID-related slowdowns and shut downs.  While that keeps supply chains moving, and alleviates some pressure, it also adds more pork to an already saturated market.  However, the industry remains hopeful demand for US pork will continue to see surges both domestically and globally. 

At Illinois, slaughter sow prices were steady with good demand for light to moderate offerings at $22 to $36.  Barrow and gilt prices were weak with moderate to good demand for moderate to heavy offerings at $37 to $43.  Boars ranged from $5 to $7. 

Pork values are steady at midday – down $.11 at $98.73.  Bellies are nearly $11 lower.  Ribs are weak.  Picnics, hams, butts, and loins are higher to sharply higher.