Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. The day’s big feature should just be the distribution of this week’s show list. Bids and asking prices are not defined and it looks like widespread trade will wait until the back half of the week. Last week’s business was light to moderate, mainly at $172 on the live basis in the south, $1 higher than the previous week’s weighted average, and mostly $272 to $273 dressed, up $2 to $3.

Boxed beef at midday was mixed with light movement. Choice was down $4.99 at $284.72 and Select beef was up $.07 at $260.40.

Last week in South Dakota, there were too few feeders offered with most auctions closed for the week, but with moderate to good demand for that light offering. The USDA says sales should be much larger this week, with the resumption of winter feeder cattle marketing and sale barns returning from the holidays. Statewide receipts were down sharply on both the week and the year. 53% of the feeder cattle on offer were steers and 90% of all feeder cattle weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds sold at $229.50 to $256.50 and 800-to-860-pound steers were reported at $210.50 to $229. Medium and Large 1 feeder heifers weighing 600 to 700 pounds brought $230 to $237 and 800-to-850-pound heifers ranged from $209.50 to $214.

Cash hogs are steady with a very light opening negotiated run for the major direct markets. Buyers are coming back from the holiday weekend looking at market ready numbers and assessing retail clearance. Long-term pork demand continues to be a question mark, but the first midday wholesale report of 2024 does seem to indicate good retail demand to end 2023. California’s Proposition 12 regulations officially started on Monday.

The major direct markets were not reported due to confidentiality. Friday, national direct barrows and gilts were $2.51 lower with a base price range of $41 to $49.50 for a weighted average of $43.37, while Iowa/Southern Minnesota was down $2.28 at $45.32 and the Western Corn Belt was $2.31 lower at $43.57. Butcher hogs at the Midwest cash markets are steady with the last reported test at $44. Illinois direct sows are steady at $28 to $40 with moderate demand for moderate offerings. Barrows and gilts are steady at $25 to $35, also with moderate demand and offerings. Boars range from $5 to $20.

Pork at midday was up $1.28 at $86.04. Loins, ribs, hams, and bellies were modestly to sharply higher, with butts weak and picnics sharply lower.