Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start the week.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to be established and it’s likely significant trade volume will be delayed until at least Midweek or later.  A moderate trade took place last week with Southern live business at $107, generally $1 higher than the prior week’s weighted averages.  Northern dressed deals ranged from $163 to $167, mostly $165 to $167, roughly $5 to $7 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is firm to higher at midday on moderate to good demand for light offerings.  Choice is $.28 higher at $214.60 and Select is $1.95 higher at $200.44.  The Choice/Select spread is $14.16. 

In South Dakota last week, steer calves were $2 to $5 higher, heifer calves were $2 to $4 higher with instances of $7 higher on 500 to 550-pounds heifers.  Yearling feeder steers were $2 to $3 higher, except 900 to 950-pounds steers which were $5 higher.  Yearling feeder heifers were steady to $2 higher.  The USDA says demand was good for steer and heifer calves.  Receipts were up on the week and down on the year.  Feeder supply included 62 percent steers and 33 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 549 pounds brought $146 to $182 and feeder steers 550 to 599 pounds brought $142 to $179.  Medium and Large 1 feeder heifers 450 to 499 pounds brought $130 to $164 and feeder heifers 550 to 598 pounds brought $126.50 to $149.50. 

Cash hogs opened mixed – steady to firm with moderate negotiated numbers.  The industry continues to watch the supply and demand picture.  The market remains optimistic demand for US pork will continue to grow both globally and domestically.  That’s supportive to prices.  However, heavy supplies are worrisome as daily slaughter totals continue to rise and the availability of market-ready barrows and gilts is more than ample.  The combination adds more pork to an already saturated market.  Barrows and gilts at the National Daily Direct are $.56 higher with a base range of $55 to $63 for a weighted average of $60.81; the Iowa/Minnesota is $.13 higher with a weighted average of $61.04; the Western Corn Belt is $.02 lower with a weighted average of $60.89.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $44. At Illinois, slaughter sow prices were firm with good demand for moderate offerings at $26 to $40.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $37 to $42.  Boars ranged from $5 to $8. 

Pork values are higher at midday – up $2.11 at $86.17.  Hams jumped more than $11 to start the day.  Picnics and ribs are sharply higher.  Loins are firm.  Butts and bellies are weak to lower.