Market News

Midday cash livestock markets

Cattle country is typically quiet this morning with action limited to the collection of new showlists.  Significant trade volume will likely be delayed until the latter part of the week.  An abundance of trade never really developed last week, with only light scattered business reported on Thursday and late Friday.  Southern live deals were at $110 to $113, $2 to $5 lower than the previous week and dressed trade at $174 to $180, $8 lower than the previous week’s weighted average basis in Nebraska.

At the South Dakota last week, receipts were down for the week and the year.  Compared to the previous week, steers were steady to $4 higher, lighter weight feeder heifers were $4 to $8 higher and heavier weight heifers were steady to $3 higher.  The USDA says demand was good to very good for all weights despite lower cash fed cattle sales.  Most of the cattle in the sale were backgrounded and came out of growing yards.  Medium and Large 1 feeder steers 704 to 746 brought $148 to $168.50 and steers 950 to 997 pounds brought $123 to $136.75.  Medium and Large 1 feeder heifers 651 to 685 pounds brought $138 to $155.50 and heifers 752 to 798 pounds brought $125 to $149.

Boxed beef cutout values are sharply higher at midday on light box movement.  Choice up $1.49 at $223.08 and Select up $1.54 at $204.27.  The Choice/Select spread is at $18.81.

Cash hogs opened steady.  Processing margins have narrowed as the cost of live inventory has been on the rise as slaughter numbers decline, but there is still competition for those tightening numbers. The scorching temperatures across much of the country have also contributed to the decline in availability.  The market remains nervous.  There is a large hog supply and the negative trade rhetoric is ongoing with some of the largest US trading partners.

Barrows and gilts at the National Daily Direct opened $.04 higher with a range of $76.00 to $84.00 for a weighted average of $83.01.  The prices at the other regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are $3 to $5 higher at $50 to $58.  At the Interior Missouri Direct, receipts are down on the week and up on the year.  Barrows and gilts are $2 to $3 higher at $65 to $69 with light to moderate supply and demand.  Sows are $2 to $7 higher at $34 to $44.  At Illinois, slaughter sow receipts are down on the week and up on the year.  Slaughter sow prices are $4 higher at $35 to $50 with moderate demand for moderate offerings.  Barrows and gilts are steady at $52 to $59.

Pork cutout values are weak at the midday – down $.25 at $83.85.  The primals are actually mostly higher with the loin the only cutout lower.