Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start with both buyers and sellers busy taking inventory.  Bids and asking prices are slow to surface and it’s likely the bulk of the week’s business will take place midweek or later.  Deals last week were at mostly $140 live, $1 higher than the prior week’s weighted averages.  Dressed deals were at mostly $230, $4 higher than last week’s weighted average basis in Nebraska. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice was $.97 lower at $266.94 and Select was $1.69 higher at $256.46.  The Choice/Select spread was $10.48. 

In South Dakota last week, feeder steers were $3 to $6 higher, feeder heifers were unevenly steady.  The USDA says demand was very good for all weights of steers, but the issue of feed costs continue to plague producers and it’s also impacting demand for heifers.  Recent precipitation has helped, but hasn’t alleviated drought conditions.  More rain is in the forecast this week, which should help conditions even more and improve grass.  Receipts were down slightly on the year.  Feeder supply included 48% steers and 89% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 798 pounds brought $147 to $171.75 and feeder steers 801 to 849 pounds brought $140 to $166.  Medium and Large 1 feeder heifers 751 to 799 pounds brought $136 to $159.50 and feeder heifers 800 to 844 pounds brought $133.50 to $149. 

Cash hogs opened lower with fairly light negotiated numbers.  Demand for US pork on the global market has been strong, but there are long-term concerns, which have created some uncertainty surrounding prices.  The industry continues to monitor the availability of market-ready hogs and processors have been able to move their desired numbers without having to aggressively bid up. Barrows and gilts at the National Daily Direct are $2.63 lower with a base range of $95 to $107 and a weighted average of $95.60.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are lower, at $70. 

Pork values were lower at midday – down $2.32 at $108.96.  Bellies dropped nearly $26 to start the day.  Loins were also lower.  Butts, ribs, picnics, and hams were all higher to sharply higher.