Market News

Midday cash livestock markets

Direct cash cattle trade is off to a sluggish start following this week’s light business.  Asking prices for cattle left on showlists are around $138 plus live in the South and $220 plus dressed in the North.  Trade volumes so far have been on the low side, so at least a little more business is expected before the end of the day Friday.  So far this week, Southern live deals have had a range of $134 to $138, mostly $137 to $138, which is $2 to $3 lower than last week’s weighted averages.  Northern dressed trade has had a range of $216 to $220, mostly $218, $2 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday with good demand for strong offerings.  Choice is $3.28 higher at $263.54 and Select is $.67 higher at $248.12.  The Choice/Select spread is $15.42.   

At the Hub City Livestock Auction in South Dakota, compared to last week, the best test on yearling steers 850 to 900 pounds were mostly steady with other weight classes of yearling steers and heifers not well compared.  Steer calves 500 to 600 pounds were $3 to $6 lower, steers 601 to 700 were mostly steady.  Heifer calves 500 to 600 pounds were $2 to $5 higher, 601 to 650 pounds were mostly steady.  The USDA says there was good to very good demand for a few loads and packages of yearling steers and heifers in the day’s offering.  Quality on yearlings was mostly plain to average.  Demand was good to very good for the large calf offering.  There were many loads and many packages offered with a wide variety.  Calf quality was mostly average to attractive, and the majority of the calves had a good shot record.  The market was active on both calves and yearlings.  Receipts were up on the week and the year.  Feeder supply included 60% steers and 65% of the offering was over 600 pounds.  Medium and large 1 feeder steers 655 to 671 pounds brought $167 to $180.75 and feeder steers 701 to 740 pounds brought $159 to $172.50.  Medium and Large 1 feeder heifers 551 to 598 pounds brought $161 to $173 and feeder heifers 600 to 624 pounds brought $159.25 to $167. 

Cash hogs are higher at midday with moderate negotiated purchases.  Processors have been bidding up this week to move their desired numbers, likely ahead of next week’s holiday-shortened week.  The industry is also looking ahead to next week’s Quarterly Hogs and Pigs report from the USDA.  Demand for US pork on the global market has been strong, and while that is expected to continue, some long-term demand concerns persist, which adds some pressure to the market. Barrows and gilts at the National Daily Direct are $.53 higher with a base range of $58 to $66 and a weighted average of $59.41; the Iowa/Minnesota and the Western Corn Belt both had a weighted average of $61.86.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady in Dorchester, Wisconsin at $50 and in Red Oak, Iowa at $42. 

Pork values are higher at midday – up $2.88 at $90.71.  Hams and picnics are sharply higher.  Butts are higher.  Ribs, loins, and bellies are lower to sharply lower.