Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  Bids and asking prices have yet to be established.  Buyers and sellers have been busy taking inventory and significant trade volume is expected to be delayed until midweek or later.  The bulk of last week’s trade took place on Wednesday and Thursday with Northern dressed business mostly at $196, about steady with the prior week’s weighted average basis in Nebraska.  Southern live business was at mostly $120, about $1 higher than the prior week’s trade. 

Boxed beef is higher to sharply higher at midday on moderate to good demand for light offerings.  Choice is $.35 higher at $278.81 and Select is $2.77 higher at $261.96.  The Choice/Select spread is $16.85 

In South Dakota last week, feeder steers under 800 pounds were $10 to $15 higher and steers over 800 pounds were $2 to $5 higher.  Feeder heifers were $2 to $5 higher, except 750-to-900-pound heifers which were $6 to $10 higher.  The USDA says demand was very good for yearling steers and heifers.  There were long strings of yearlings offered right off grass in a very light and desirable flesh condition.  Drought conditions are still very severe across the state and cattle are being pulled off grass much earlier.  Receipts were up on the week and the year.  Feeder supply included 62% steers and 96% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 901 to 946 pounds brought $138 to $163.75 and feeder steers 952 to 999 pounds brought $140 to $154.25.  Medium and Large 1 feeder heifers 801 to 843 pounds brought $138 to $157.50 and feeder heifers 850 to 898 pounds brought $136 to $151.50. 

Cash hogs are lower at midday with moderate negotiated purchases.  The industry continues to monitor the availability of market-ready barrows and gilts.  Overall, demand for US pork has been strong on both the global market and domestically, which has been supportive to prices.  That is expected to continue, however, should a disruption occur prices would likely tumble. Barrows and gilts at the National Daily Direct are $.66 lower with a base range of $100 to $102 and weighted average of $100.99.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $3 lower from last week’s test at $70. At Illinois, slaughter sow prices were $3 higher with good demand for heavy offerings at $64 to $83.  Barrow and gilt prices were $1 lower with moderate to good demand for moderate to heavy offerings at $64 to $74.  Boars ranged from $45 to $50 and $10 to $12. 

Pork values are sharply higher at midday – up $2.60 at $126.49.  Bellies are up more than $13.  Hams, loins, and ribs are all higher.  Picnics and butts are lower to sharply lower.