Market News

Midday cash livestock markets

It’s a typically quiet Monday for direct cash cattle trade activity.  Bids and asking prices have yet to surface and significant trade volume will likely be delayed until at least midweek or later.  Last week’s trade kicked off on Tuesday with the bulk of the week’s business taking place on Wednesday. Southern live deals were $118 to $119, about $1 lower than the prior week’s weighted averages.   Northern dressed deals were mostly $190 to $191, roughly $1 to $2 lower than the previous week’s weighted averages basis in Nebraska. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.91 higher at $298.41 and Select is $.96 higher at $284.01.  The Choice/Select spread is $14.40. 

At the South Dakota Weekly Cattle Auction, compared to last week feeder steers under 600 pounds were $3 to $7 lower, steers 600 to 700 pounds were steady to $1 lower, and over 700 pounds were $2 to $5 lower.  Feeder heifers were $2 to $4 lower.  The USDA says demand was only moderate this past week as corn prices continued to rise.  Drought conditions remain across much of the state, with the most extreme conditions in the north central and northwest part of the state.  Markets report that they’re seeing a lot of replacement-type heifers being sold as producers are facing very slim margins.  Receipts were down on the week and the year.  Feeder supply included 49 percent steers and 89 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 752 to 795 pounds brought $133 to $152.75 and feeder steers 906 to 947 pounds brought $116 to $130.60.  Medium and Large 1 feeder heifers 701 to 746 pounds brought $122 to $135.50 and feeder heifers 853 to 882 pounds brought $117 to $121.75. 

Cash hogs are sharply lower at midday with fairly light negotiated purchases. Packers continue to monitor the availability of market-ready barrows and gilts and took a bit of a breather to start the week.  The strong demand on both the global market and domestically for US pork has been sending prices higher.  The industry expects that to continue.  But, should a disruption occur, it could send prices tumbling. Barrows and gilts at the National Daily Direct are $3.61 lower with a base range of $107.05 to $116 and a weighted average of $108.15.  The Iowa/Minnesota is lower with a weighted average of $114.57 and the Western Corn Belt is also lower with a weighted average of $114.06.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are up significantly from last week to $70. At Illinois, slaughter sow prices were weak with moderate demand for light to moderate offerings at $54 to $64.  Barrow and gilt prices were steady with good demand for heavy offerings at $69 to $79.  Boars ranged from $40 to $45 and $15 to $20. 

Pork values are higher at midday – up $1.83 at $112.29.  Picnics are sharply higher with the rest of the primals higher.