Market News

Midday cash livestock markets

Direct cash cattle trade activity has been relatively quiet.  There are a few bids that have surfaced out of Nebraska at $166 dressed.  Asking prices are around $112 live in the South and $175 dressed in the North.  It’s quite possible significant trade volume will be delayed until the last part of the week.   Today’s Fed Cattle Exchange was a non-starter, there were 1,119 head offered and zero head sold.  There were passed offers at $109 and $110. 

Boxed beef is steady at midday on light demand for moderate offerings.  Choice is $.05 higher at $222.30 and Select is $.23 lower at $208.32.  The Choice/Select spread is $13.98. 

At the Philip Livestock Auction in South Dakota, compared to last week, feeder steers 400 to 450-pounds were steady, feeder steers 450 to 550-pounds were steady to $2 higher, steers 550 to 600-pounds steers were steady, 600 to 650-pounds steers were $3 higher.  Feeder heifers 350 to 550-pounds were steady, 550 to 600-pounds were $3 higher, and 600 to 650-pounds were steady.  Heavier weight heifers were $2 higher.  The USDA says demand was very good for several long strings, and many load lots, and many packages of feeder steers, feeder heifers, and replacement heifers.  All sold on an active market.  Receipts were up on the week and the year.  Feeder supply was 68 percent steers and 16 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 501 to 549 pounds brought $160 to $173.50 and feeder steers 600 to 649 pounds brought $149.50 to $163.  Medium and Large 1 feeder heifers 453 to 497 brought $146 to $160.25 and feeder heifers 500 to 549 pounds brought $144 to $156. 

Cash hogs were not reported at midday due to confidentiality with very light negotiated numbers from the National Daily Direct.  The industry continues to look at the supply and demand situation.  The availability of market-ready hogs is more than ample and processors continue to push daily slaughter totals higher.  That’s keeping the supply chain moving and also helping work through the backlog of hogs in the production system that’s still lingering from the COVID-related slowdowns and shutdowns.  But it’s also adding more pork to the market.  Hog weights this week rose to 287.7 pounds, that’s up slightly compared to last week and down just 0.2 from last year’s levels.  The industry, however, remains optimistic demand for US pork will continue to see a boost on the global market. 

Butcher hog prices at the Midwest cash markets are $2 higher at $46. 

Pork values are steady at midday – down $.17 at $81.81.  Bellies dropped $8.07 to start the day.  Picnics and butts were lower, loins were weak.  Ribs and hams were sharply higher.