Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start for the week.  Buyers and sellers are busy taking inventory and collecting showlists.  Bids and asking prices have yet to surface.  Significant trade volume will likely hold out until midweek or later.  Business last week took place mostly on Wednesday and Thursday with Northern dressed deals ranging from $260 to $265, mostly $264, $1 lower than the prior week’s weighted average basis in Nebraska.  Southern live deals had a range of $163 to $165, mostly $164, also $1 lower than the previous week’s business.

Boxed beef is higher at midday on solid demand for light offerings.  Choice was $.19 higher at $283.54 and Select is $1.17 higher at $273.61.  The Choice/Select spread is $9.93. 

In South Dakota last week, feeder steers under 750 pounds were $5 to $8 higher and steers over 750 pounds were $1 to $2 higher.  Feeder heifers were unevenly steady, except 900 to 950 pounds were $6 to $7 lower.  The USDA says overall demand was good for steers and heifers.  Costs of gain are much higher than were anticipated, and cattle feeders aren’t pushing as hard to procure heavier-weight cattle.  Backgrounders who are wanting to buy lightweight, lighter-fleshed cattle are struggling as there are fewer of those weights offered, making the market for those more active.  Receipts were down on the week and the year.  Feeder supply included 62% steers and 83% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 751 to 796 pounds brought $187 to $204.75 and feeder steers 850 to 895 pounds brought $172 to $191.25.  Medium and Large 1 feeder heifers 700 to 745 pounds brought $172.50 to $189.50 and feeder heifers 800 to 849 pounds brought $160.50 to $180.75. 

Cash hogs are lower at midday with solid negotiated purchases.  The weakness in the cash hog market Friday has carried over into the start of this week.  The market has struggled to really find its footing.  Demand for US pork has remained relatively strong on the global market and domestically, but concerns about a weakening global economy add uncertainty to the market.  Availability of market-ready hogs has packers driving business.  And the pattern recently has been a couple of days with big runs at higher prices sandwiched between smaller runs at lower prices.   Barrows and gilts at the National Daily Direct are $1.37 lower with a base range of $76 to $79 and a weighted average of $76.44; the Iowa/Minnesota was $.48 lower with a weighted average of $77.47; the Western Corn Belt was $.12 lower with a weighted average of $77.47.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hogs prices at the Midwest cash markets are $2 higher than the last reported test at $60. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $51 to $63.  Barrows and gilts were $2 lower with moderate demand for moderate offerings at $46 to $58.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values are higher at midday – up $1.30 at $82.25.  Hams, loins, and butts are all higher.  Ribs, picnics, and bellies are lower. 

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