Market News

Midday cash livestock markets

A quiet Friday for direct cash cattle trade activity.  The bulk of the week’s trade has wrapped up.  Asking prices for cattle left on showlists are around $124 live and $198 dressed in the North.  Dressed deals in the North had a wide range – from $193 to $198, mostly $198, which is $1 lower than last week’s weighted average basis in Nebraska.  Live deals in the South were at $123 to $124, generally steady with the prior week’s business. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice is $1.31 lower at $304.29 and Select is $1.36 higher at $276.35.  The Choice/Select spread is $27.94. 

At the Mitchell Livestock Auction in South Dakota, compared to last week, there were very few steers again and there was a steady to lower undertone noted.  Heifers 750 to 850 pounds were steady to $2 lower and heifers 850 to 1000 pounds were $5 to $7 lower.  The USDA says demand was good with many load lots in the day’s offerings.  Receipts were up on the week and the year and feeder supply included 84% heifers with 97% of the offering over 600 pounds.  Medium and Large 1 feeder steers 858 pounds brought $152 and feeder steers 878 pounds brought $157.75.  Medium and Large 1 feeder heifers 716 to 731 pounds brought $149.50 to $156.85 and feeder heifers 854 to 893 pounds brought $132.50 to $143. 

Cash hogs are higher at midday with very light negotiated purchases.  Processors have been able to move their desired numbers recently without much effort.  They continue to monitor the availability of market-ready barrows and gilts.  Demand for US pork on the global market and domestically has been strong.  The industry does expect that to continue in the near-term, but there are long-term concerns. Barrows and gilts at the National Daily Direct are $.21 higher with a base range of $73 to $85.50 and a weighted average of $76.93.  Prices at the regional direct markets were not reported due to confidentiality. 

Pork values are sharply higher at midday – up $9.57 at $113.86.  Hams jumped nearly $29 to start the day.  Loins were also sharply higher and bellies were higher.  Butts, picnics, and loins were all lower.