Market News

Midday cash livestock markets

A slow start to the week for direct cattle trade.  Bids and asking prices have yet to surface.  Following last week’s light, scattered trade, showlists are expected to be larger.  It’s likely significant trade volume will be delayed until the latter half of the week.  What little business that did develop last week started on Wednesday and trickled in over the next couple of days.  Live deals in the South ranged from $100 to $106, mostly at $106.  Northern dressed business had a full range of $158 to $163. 

Boxed beef is firm to higher at midday on good demand for moderate offerings.  Choice is $.55 higher at $208.65 and Select is $1.04 higher at $192.28.  The Choice/Select spread is $16.37. 

In South Dakota last week, compared to the previous week, steer and heifer calves were $1 to $3 higher.  Yearling feeder steers and heifers are $1 to $3 lower.  The USDA says demand was good for calves.  Demand for yearlings was moderate to good as the market was pressured by weakness in the fed cattle market.  Higher corn prices are also putting pressure on cattle prices.  Receipts were down on the week and the year.  Feeder supply included 64% steers and 40% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $139.50 to $164.25 and feeder steers 600 to 649 pounds brought $133 to $157.50.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $126.50 to $152.50 and feeder heifers 551 to 598 pounds brought $128.50 to $146.50. 

Cash hogs were lower at midday with moderate negotiated numbers.  The more than ample supplies of market-ready barrows and gilts, combined with the large slaughter runs are weighing heavily on the market.  As processors keep the supply chains moving, they’re able to work through at least some of that backlog of hogs in the production system from the COVID-related slowdowns and shutdowns, but it’s adding more pork to an already saturated market.  The industry remains optimistic demand for US pork will continue to see strength globally.  Barrows and gilts at the National Daily Direct are $.89 lower with a base range of $56 to $62.01 for a weighted average of $60.18.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 higher at $40. 

Pork values are higher at midday – up $2.23 at $86.03.  Hams, ribs, and butts are sharply higher.  Picnics are higher.  Bellies are sharply lower and loins are lower.