Market News

Midday cash livestock markets

Direct cash cattle trade is off to a typically quiet start to the week.  Buyers and sellers are busy taking inventory.  Bids and asking prices have yet to surface and it’s likely the bulk of the week’s business will hold out until midweek or later.   Last week’s live deals were mostly $140, $3 to $4 higher than the prior week’s weighted averages. Dressed business was at mostly $222, $4 higher than the previous week’s weighted average basis in Nebraska. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice is $.66 lower at $279.15 and Select is $.88 higher at $276.93.  The Choice/Select spread is $2.22. 

In South Dakota last week, feeder steers and heifers were $2 to $5 higher.  The USDA says there was very good demand for all weights of steers and heifers.  There’s been strong demand for cattle to graze and sell as yearlings in the fall as the feeder cattle market has been pushing higher.  Receipts were down on the year.  Feeder supply included 56% steers and 85% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 749 pounds brought $162 to $179.75 and feeder steers 752 to 794 pounds brought $156 to $174.25.  Medium and Large 1 feeder heifers 650 to 698 pounds brought $141.50 to $167.50 and feeder heifers 700 to 748 pounds brought $144.50 to $163.50. 

Cash hogs opened sharply lower with moderate negotiated purchases. Processors are moving their desired numbers at much lower prices.  The industry continues to monitor the availability of market-ready barrows and gilts.  Demand for US pork on the global market and domestically has been strong.  And while that is expected to continue in the near term, there are some long-term demand concerns, which have been adding increasing pressure to the price picture. Barrows and gilts at the National Daily Direct dropped $12.61 with a base range of $69 to $90 and weighted average of $71.83; the Iowa/Minnesota and the Western Corn Belt had no comparison but weighted averages of $87.52.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets had no comparison but brought $48 to $51. 

Pork values are sharply higher at midday – up $4.06 at $101.47.  Hams, bellies, and ribs were all sharply higher.  Butts and loins were higher.  Picnics were lower.