Market News

Midday cash livestock markets

It’s a quiet start to the week for direct cash cattle trade activity.  Bids and asking prices have yet to surface.  Look for more business to develop as the week progresses.  Southern live deals last week were at $118 to $120, generally steady with the prior week’s trade.  Northern dressed deals had a full range of $189 to $196, mostly $190 to $191, also generally steady with the previous week’s weighted average basis in Nebraska. 

Boxed beef is lower to sharply lower on light demand for light offerings.  Choice is $1.53 lower at $336.03 and Select is $.54 lower at $304.67.  The Choice/Select spread is $31.36. 

In South Dakota last week, compared to the previous week, feeder steers over 900 pounds were steady to $2 higher and feeder heifers were steady to $2 higher.  The USDA says demand was good for all weights of steers and heifers.  There were only East River auctions last week so the flesh was heavier.  West River cattle are running out on grass and in thinner flesh.  Drought conditions continue across the state with little relief and widespread moisture is desperately needed.  Strings of feedyard backgrounded yearlings continue to be offered about every other week.  More West River yearlings are cosigned to auctions this week as drought is forcing producers to sell cattle.  Receipts were down on the week and the year.  Feeder supply included 54% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 857 to 898 pounds brought $128.50 to $141.20 and feeder steers 952 to 989 pounds brought $125.25 to $136.  Medium and Large 1 feeder heifers 801 to 847 pounds brought $121.75 to $134.10 and feeder heifers 852 to 890 pounds brought $120.25 to $130.25. 

Cash hogs are higher at midday with moderate negotiated purchases.  Packers have been aggressive in their procurement efforts and there are no signals that will change anytime soon.  Strong demand for US pork on the global market and domestically has been largely supportive to prices.  The industry expects that to continue. Barrows and gilts at the National Daily Direct are $.80 higher with a base range of $107.77 to $130 and a weighted average of $110.69.  The Iowa/Minnesota had a weighted average of $128.67 and the Western Corn Belt had a weighted average of $128.67.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $75. At Illinois, slaughter sow prices are steady with moderate demand for light offerings at $38 to $49.  Barrow and gilt prices were $1 to $3 higher with moderate demand for heavy offerings at $78 to $81.  Boars ranged from $45 to $50 and $12 to $18. 

Pork values are sharply lower at midday – down $2.56 at $129.98.  Loins, bellies, and hams were sharply lower.  Picnics were lower.  Ribs and butts were sharply higher.