Market News

Midday cash livestock markets

It’s a typically quiet Monday for direct cash cattle trade activity as both buyers and sellers are busy taking inventory.  Bids and asking prices have yet to surface, but the recent strength in the market sets up another week of strong business.  Significant trade volume will likely develop midweek or later.  Deals last week had a range of $153.50 to $155, mostly $155 live in the South, about steady with the prior week’s weighted averages.  Dressed business in the North was mostly $249, $4 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef is lower at midday on light demand for fairly light offerings.  Choice is $2.69 lower at $247.24 and Select was $1.47 lower at $223.09.  The Choice/Select spread is $24.15. 

In South Dakota last week, steer calves were $3 to $5 higher and heifer calves were $2 to $5 higher.  Yearling steers were steady to $3 higher, and heifers were $2 to $4 higher.  The USDA says demand was very good for calves and yearlings.  The move higher in the cash-fed cattle market helped push the feeder market higher as well.  Receipts were up on the year.  Feeder supply included 58% steers and 44% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 598 pounds brought $189.75 to $229 and feeder steers 600 to 648 pounds brought $180 to $215.  Medium and Large 1 feeder heifers 500 to 549 pounds brought $180 to $216 and feeder heifers 550 to 598 pounds brought $165.50 to $210.50. 

Cash hog prices were not reported at midday due to confidentiality.  There are fairly light negotiated purchases.  Demand for US pork on the global market and domestically has held relatively strong, and while that is expected to continue the industry continues to monitor the global economy and any further disruption would likely impact demand and lower prices.  Processors aren’t extremely aggressive in their procurement efforts to start the week, this has been the trend recently.  A couple of days of lackluster business at lower prices followed by a few days of big runs and sharply higher prices.  The five-day rolling average for barrows and gilts at the National Daily Direct is $84.99, it is $86.95 for the Iowa/Minnesota region, and $86.94 for the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets are steady today at $60. At Illinois, slaughter sow prices were $1 lower with moderate demand for light offerings at $44 to $56.  Barrows and gilts were $1 lower with moderate demand for moderate offerings at $57 to $67.  Boars ranged from $15 to $20 to $10.

Pork values are higher at midday – up $.88 at $89.82.  Ribs, loins, and picnics are all higher.  Butts, bellies, and hams are all lower.