Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet again today.  That isn’t too surprising given Friday’s Cattle on Feed report.  So far this week there have been just a handful of deals reported in Nebraska and Iowa at $226 to $229 dressed, while not enough business to establish a solid trend, some deals are about $3 higher than last week’s weighted average basis in Nebraska.  The South has been in a standoff, and could be holding out until Friday’s numbers are out. 

Boxed beef is mixed at midday on light to moderate demand for solid offerings.  Choice is $.03 higher at $249.16 and Select is $1.05 lower at $225.09.  The Choice/Select spread is $24.07. 

At the Hub City Livestock Market in South Dakota, compared to last week, the best test was on steers 900 to 1000 pounds and they were steady.  The best test on heifers 850 to 900 pounds and 951 to 1000 pounds were mostly steady.  Heifers 901 to 950 pounds were steady to $3 lower.  The USDA says demand was good to very good for the large offering of yearlings with the bets demand was seen on several strings of black steers off grass.  Cattle were both off grass and out of yards with flesh similar to last week, from light to moderate plus with some heavy flesh at time.  There were also several packages of home-raised cattle.  Quality was mostly average to attractive.  The market was active.  Receipts were down on the week and up on the year.  Feeder supply included 62% steers and 99% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 812 to 839 pounds brought $186 to $196.75 and feeder steers 910 to 944 pounds brought $185 to $190.25.  Medium and Large 1 feeder heifers 853 to 894 pounds brought $164.75 to $175 and feeder heifers 952 to 995 pounds brought $162.25 to $173. 

Cash hogs are mixed at midday with solid negotiated purchases.  For the most part, processors haven’t had to get aggressive in their procurement efforts to move their desired numbers.  The industry continues to monitor the availability of market-ready hogs and is looking ahead to next week’s Quarterly Hogs and Pigs report.  Demand for US pork on the global market and domestically has been strong, helping provide much-needed price support.  But, there are long-term concerns that add pressure to prices. Barrows and gilts at the National Daily Direct are $1.35 lower with a base range of $84 to $105 and a weighted average of $93.92; the Iowa/Minnesota and the Western Corn Belt are both $1.74 higher with a weighted average of $101.34.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $58 to $70.  Barrows and gilt prices were steady with moderate demand for moderate offerings at $61 to $70.  Boars ranged from $39 to $41 and $9 to $19. 

Pork values are sharply higher at midday – up $4 at $104.35.  Bellies jumped $21 to start the day.  Ribs, hams, and picnics were higher to sharply higher.