Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet to start the week.  Bids and asking prices have yet to surface and it’s likely significant trade volume will be delayed until the second half of the week.  Last week’s trade was light to moderate across all feeder areas.  Trade started the week on Wednesday in the North with a full range of $160 to $170, mostly $164 to $167, which is roughly $4 to $7 lower than the previous week’s weighted average basis in Nebraska.  Southern live trade did not develop until Thursday at $100, generally $2 to $3 lower than the prior week’s weighted averages. 

Boxed beef opened mixed – weak on Choice and higher and Select on moderate demand for light offerings.  Choice is $.73 lower at $226.58 and Select is $1.74 higher at $203.68.   

In South Dakota last week, receipts were down on the week and up on the year.  Compared to the prior week’s sales, feeder steers under 900 pounds were $2 to $5 lower, over 900 pounds were $6 to $10 lower.  Feeder heifers were steady to $2 higher.  The USDA says demand for feeder cattle was only moderate overall.  Feeder supply included 60 percent steers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 803 to 898 pounds brought $133 to $139.50 and feeder steers 951 to 998 pounds brought $122 to $137.50.  Medium and Large 1 feeder heifers 805 to 841 pounds brought $129 to $141.76 and feeder heifers 853 to 891 pounds brought $120.25 to $136. 

Cash hogs opened lower with moderate negotiated purchase totals.  The supply and demand picture remains the biggest storyline for the cash hog market.  The market remains hopeful demand will increase for US pork on the global market but that hasn’t happened yet and with the ample supplies of market-ready hogs and the large slaughter runs adding more pork to an already saturated market – pork prices remain under pressure.  Trade talks with China are planned for October and with the recent slide it the markets, any good news could provide a much-needed boost to the market.Barrows and gilts at the Iowa/Southern Minnesota opened $1.65 lower for a weighted average of $50.97; the Western Corn Belt is $1.65 lower for a weighted average of $50.97; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.28 lower with a base range of $47 to $51 for a weighted average of $50.83. 

Butcher hog prices at the Midwest cash markets are steady at $36. 

Pork values are weak – down $.77 at $72.55.  Ribs and picnics were sharply lower.  Loins and butts were lower.  Bellies were firm and hams were higher.