Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start following yesterday’s light business in the North.  Deals in the North were at $185 to $186 dressed, about $1 to $2 higher than last week’s weighted average basis in Nebraska.  Live deals in Kansas were marked at $113.  Asking prices are holding at $115-plus live and $188-plus dressed.  Look for significant trade to develop over the balance of the week. 

Boxed beef is mixed at midday – steady on Choice and lower on Select on moderate demand for moderate to heavy offerings.  Choice is $.05 higher at $222.20 and Select is $1 lower at $205.73.  The Choice/Select spread is $16.47. 

At the Hub City Livestock Auction in South Dakota, receipts were up on the week and nearly steady on the year.  Compared to last week’s sale, feeder steers 750 to 800 pounds, 850 to 900 pounds, and 951 to 1000 pounds were steady to $2 lower.  Steers 901 to 950 pounds were steady.  There were too few heifers last week for an accurate trend.  The USDA says demand was good and quality varied, but was mostly plain to average.  Feeder supply included 50 percent steers and 97 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 913 to 948 pounds were $124.85 to $132.75 and feeder steers 953 to 992 pounds brought $121.50 to $128.70.   Medium and Large 1 feeder heifers 758 to 783 pounds brought $123.25 to $131.50 and feeder heifers 903 to 948 pounds brought $114.50 to $120.25. 

Cash hogs opened lower with very light negotiated purchase totals.  This doesn’t come as a surprise following yesterday’s massive negotiated totals and higher prices.  Packers could have their desired numbers on hand.  Demand remains the focal point for the market.  There’s been hope that demand for US pork would increase substantially, but the increases have been less than stellar at this point.  The USDA’s Export Sales report showed pork still going into Mexico and China, but well below last week’s numbers.  African Swine Fever remains the wild card – especially as China’s reporting their live pig herd has dropped 23 percent from year-ago totals.  Barrows and gilts at the National Daily Direct were $1.75 lower with a base range of $68 to $75.10 for a weighted average of $74.32.  Prices at the major directs were not reported due to confidentiality. 

The Midwest cash markets are closed today. 

Pork values are steady at midday – down $.02 at $82.49.  Bellies were lower.  Hams and butts were steady.  Loins, picnics, and ribs were all higher.