Market News

Midday cash livestock markets

A quiet start to the week for direct cash cattle trade activity, with bids and asking prices slow to surface.  Buyers and sellers have been busy taking inventory.  It’s likely significant trade volume will develop around midweek or later.  The bulk of last week’s business took place on Tuesday and Wednesday, with a little cleanup trade trickling in over the balance of the week.  Dressed deals were mostly at $195, roughly $4 higher than the previous week’s weighted average basis in Nebraska.  Live deals were at mostly $122, generally $2 higher than the previous week’s weighted averages.   

Boxed beef was lower to sharply lower at midday on light demand for light offerings.  Choice is $.89 lower at $322.39 and Select is $2.24 lower at $218.37.  The Choice/Select spread is $41.03. 

In South Dakota last week, feeder steers under 900 pounds were $5 to $8 higher and steers over 900 pounds were $2 to $5 higher.  Feeder heifers under 700 pounds were $5 to $8 higher and heifers over 700 pounds were $3 to $7 higher.  The USDA says demand was very good for feeder cattle.  Yearlings continue to be pulled from grass early as the drought intensifies.  Receipts were up on the week and the year and feeder supply included 52% steers and 91% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 749 pounds brought $138 to $163 and feeder steers 952 to 996 pounds brought $131 to $137.60.  Medium and Large 1 feeder heifers 700 to 747 pounds brought $130.50 to $144.50 and feeder heifers 902 to 949 pounds brought $121 to $129.25. 

Cash hogs are sharply higher with strong negotiated purchases.  Processors are aggressively starting their procurement efforts for the week, and prices reflect that.  The strong demand for US pork on the global market and domestically has been largely supportive to prices and the industry expects that to continue. Barrows and gilts at the National Daily Direct are $3.44 higher with a baser range of $113 to $135 and weighted average of $119.48 and the Western Corn Belt had a weighted average of $130.55.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are up $5 from last week at $80. At Illinois, slaughter sow prices are $2 higher with good demand for heavy offerings at $40 to $50.  Barrow and gilt prices were firm with good demand for heavy offerings at $84 to $91.  Boars ranged from $45 to $50 and $12 to $18.   

Pork values are sharply higher – up $6.87 higher at $127.52.  Ribs were up more than $39 and bellies up nearly $27 at midday.  Butts, hams, and picnics were higher to sharply higher.  Loins were sharply lower.