Market News

Midday cash livestock markets

Direct cash cattle markets remain at a standstill. Bids and asking prices are not defined with widespread business not expected until the back half of the week, possibly Thursday or Friday. The show list is mixed this week, lower in Kansas and Texas, but higher in Nebraska and Colorado. Last week saw big drops for both live and dressed cattle in relatively light trade. The USDA’s Cattle on Feed report is out Friday afternoon.

Boxed beef at midday was lower with light to moderate movement. Choice was down $1.86 at $295.99 and Select beef was $1.50 lower at $267.74 for a spread of $28.25.

At the Sioux Falls Regional Stockyards in South Dakota, compared to the previous week, feeder steers weighing 550 pounds and under were steady, with 600-to-750-pound steers $11 lower, while yearling steers weighing 850 pounds were steady and yearlings weighing 950 pounds were down $8. 500-to-550-pound heifers were $4 to $8 higher, 600-pound heifers were steady, and 650-to-750-pound heifers were $10 to $12 lower, while 800-pound yearling heifers were $8 lower and 850-pound yearling heifers were steady. The USDA says there were many load lots of yearlings and light cattle, with moderate demand and a lighter crowd as many took advantage of the weather to finish corn harvest. Receipts were down on the week, up on the year. 96% of the run were feeder cattle, 56% of those steers, and 77% of the feeder offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 800 to 880 pounds were reported at $216 to $253 and 950-to-1,000-pound steers sold at $205 to $223. Medium and Large 1 feeder heifers weighing 700 to 800 pounds brought $210 to $224 and 800-to-900-pound heifers ranged from $201 to $213.50.

Cash hogs are steady with a very light opening negotiated run at the major direct markets. It’s another quiet start to the day as buyers assess the availability of near-term ready numbers and wholesale demand. Buyers continue to hold a lot of leverage over the market and will continue to press that leverage when they are able. Domestic demand remains inconsistent and while export demand has been solid, there are questions about how long that can be sustained.

National direct barrows and gilts had no comparison with a base price range of $60 to $66 for a weighted average of $64.22. The Western Corn Belt had a five-day rolling average of $65.54, while the Eastern Corn Belt had a five-day rolling average of $69.79. Butcher hogs at the Dorchester, Wisconsin market are steady at $60.

Pork at midday was $1 higher at $87.77. Butts, picnics, hams, and bellies were up, while loins and ribs were down.