Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following the earlier than usual direct cash cattle trade that has taken place.  Asking prices for cattle left on showlists are around $119 plus live in the South and $192 plus dressed in the North.  It’s likely the bulk of the week’s business has wrapped up, but some cleanup trade could trickle in over the rest of today and tomorrow.  There has been a light to moderate direct cash cattle trade this week.  Southern live deals have had a range of $117.50 to $119, mostly $118 to $119, which is about steady to $1 higher than last week’s weighted averages.  Southern dressed deals ranged from $187 to $192, mostly $190, full steady with last week’s weighted average basis in Nebraska.

Boxed beef is sharply higher at midday on good demand for light offerings.  Choice is $2.48 at $307.26 and Select was $3.95 higher at $290.13.  The Choice/Select spread is $17.13. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 800 to 950 pounds and they were mostly steady, and steers 951 to 1000 pounds were steady to $3 lower.  The best test on heifers was 900 to 950 pounds and they were steady to $2 higher.  The USDA says there was good demand for the day’s large offering which included many loads and strings of both backgrounded and home-raised cattle.  Quality was mostly attractive.  Flesh varied again this week, but was mostly moderate to moderate plus.  The market was active.  Receipts were up on the week and the year.  Feeder supply included 79 percent steers and 96 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 854 to 880 pounds brought $129.50 to $135 and feeder steers 906 to 948 pounds brought $121.50 to $129.75.  Medium and Large 1 feeder heifers 705 to 727 pounds brought $124 to $130 and feeder heifers 934 to 947 pounds brought $115 to $117.50. 

Cash hogs are sharply lower at midday with moderate negotiated purchases.  Demand strength for US pork on the global market and domestically has been very supportive to prices recently, and the industry expects that to continue.  Packers are keeping a close eye on the availability of market-ready barrows and gilts.  Should any disruption to the supply chain occur it could significantly impact prices.  Barrows and gilts at the National Daily Direct are $2.83 lower with a base range of $108.38 to $125 with a weighted average of $111.28.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $70.

Pork values are higher at midday – up $2.72 at $114.63.  Bellies, hams, and loins were all sharply higher.  Picnics, ribs, and butts were lower.