Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start, typical for a Monday.  Buyers and sellers are likely taking inventory.  Bids and asking prices have yet to be established and it’s likely significant trade volume will be delayed until Thursday or Friday.  Last week’s business held off until the last half of the week.  Northern dressed deals were mostly at $172, $7 higher than the previous week’s weighted average basis in Nebraska.  The bulk of live trade took place on Friday with deals mostly at $110, $3 higher than the prior week’s weighted averages. 

Boxed beef is steady to higher at midday on moderate to good demand for light offerings.  Choice is $.13 lower at $225.85 and Select is $1.98 higher at $211.44.  The Choice/Select spread is $14.41. 

In South Dakota last week steer calves were $1 to $3 higher and heifer calves were steady to $4 higher.  Yearling feeder steers were steady to $3 higher and yearling heifers were $3 to $5 higher with instances of $6 higher.  The USDA says demand was good for steer and heifer calves.  There was very good demand for the strings of yearlings offered, especially heifers that were straight off grass.  Feeder supply was 63 percent steers and 34 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 549 pounds brought $147 to $180 and feeder steers 600 to 649 pounds brought $140 to $165.25.  Medium and Large 1 feeder heifers 450 to 497 pounds brought $130 to $160.50 and feeder heifers 550 to 599 pounds brought $130.50 to $153. 

Cash hogs were steady at midday with moderate negotiated numbers.  The industry continues to monitor the supply and demand situation.  There’s concern demand for US pork could eventually taper as China begins to rebuild its herd.  The availability of market-ready hogs is more than ample, and processors continue to push daily slaughter totals higher.  That adds more pork to an already saturated market.  If the global demand for US pork does start to fall off, the excess would likely end up back in the US market putting more pressure on prices.   Barrows and gilts at the National Daily Direct are $.16 lower with a base range of $53 to $59.66 with a weighted average of $59.56.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets had no comparison but are at $40 and $44.  At Illinois, slaughter sow prices were firm with good demand for moderate offerings at $29 to $43.  Barrow and gilt prices were weak with good demand for moderate offerings at $39 to $42.  Boars ranged from $5 to $8. 

Pork values are higher at midday – up $1.89 at $82.03.  Hams and butts are both sharply higher.  Rib and loins are higher.  Loins are firm.  Picnics are weak.