Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start for this Monday. Bids and asking prices have yet to be established as buyers and sellers are preparing for the week’s business.  If trade follows the pattern of recent weeks, it is very likely significant volume will hold out until sometime Thursday or Friday.  Business last week saw significant declines in all parts of cattle country.  Live deals in the South had a range of $178 to $181, mostly $180 to $181, $4 to $5 below the prior week’s business.  Dressed business in the North ranged from $280 to $287, mostly $285 to $287, $5 to $7 lower than the previous week’s weighted averages. 

Boxed beef is mixed at midday on light to moderate demand for fairly light offerings.  Choice is $.48 lower at $299.98 and Select is $1.74 higher at $269.16.  The Choice/Select spread is $30.82. 

In South Dakota last week steer and heifer calves were $10 to $15 lower.  Yearling feeder steers were $5 to $10 lower.  Yearling heifers were $10 to $15 lower.  The USDA says demand for calves was much more moderate than it has been in recent weeks, since the start of fall runs.  There’s been significant downward pressure from the futures market and that’s adding to uncertainty for the direction of the cash markets.  Receipts were down on the week and up on the year.  Feeder supply included 62% steers and 41% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $254 to $306.50 and feeder steers 600 to 644 pounds brought $245 to $286.50.  Medium and Large 1 feeder heifers 501 to 549 pounds brought $227.50 to $277 and feeder heifers 550 to 599 pounds brought $221 to $277. 

Cash hog prices were not reported at midday due to confidentiality.  The cash hog market continues its struggle.  Ample supplies of market-ready hogs have been limiting factors.  Processors hold all the cards right now and just aren’t being forced to bid up to move needed numbers.  Demand for US pork has been relatively strong on the global market, but domestically it’s struggled.  That’s not helping the price picture at all.  While negotiated prices for Monday weren’t available, the 5-day rolling average at the National Daily Direct is $68.43, the Western Corn Belt is $65.54, and the Eastern Corn Belt was $69.88. 

Butcher hog prices at the Midwest cash markets made a big jump Monday.  Prices in Dorchester, Wisconsin are $5 higher at $60. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $43 to $56.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $50.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values are lower at midday – down $.96 at $88.46.  Picnics are sharply lower.  Hams and loins are lower.  Ribs, butts, and bellies are higher to sharply higher.