Market News

Midday cash livestock markets

Direct cash cattle trade activity is typically quiet on this Monday as buyers and sellers are preparing for the week’s business.  Bids and asking prices have yet to surface.  It’s likely significant trade volume is going to hold out until at least midweek or later.  Deals last week ranged from $169 to $172, mostly $171, $3 lower than the previous week’s weighted averages.  Northern dressed business had a full range of $265 to $272, mostly $270 to $271, $4 to $5 below the prior week’s weighted averages basis. 

Boxed beef is higher at midday on strong demand for moderate offerings.  Choice is $2.44 higher at $290.45 and Select is $3.05 higher at $260.95.  The Choice/Select spread is $29.50. 

In South Dakota last week, steer calves were steady to $5 lower and heifer calves were $3 to $5 lower.  Yearling feeders were $10 to $15 lower, heifers were $8 to $10 lower with instances of $15 to $18 lower.  The USDA says demand was very uneven, and the wide swings in the futures contracts has some in the cattle industry slow to do business.  The best demand remains on light cattle to background.  Weather has been mild.  Receipts were down slightly on the week and down on the year.  Feeder supply included 63% steers and 57% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $260 to $301.50 and feeder steers 600 to 649 pounds brought $241 to $277.  Medium and Large 1 feeder heifers 501 to 549 pounds brought $235 to $274 and feeder heifers 600 to 649 pounds brought $197.50 to $219. 

Cash hogs had no comparison at midday with very small negotiated purchases. Overall, the market continues its recent slide.  Supplies of market-ready hogs are ample, there is more production as hog weights are up.  That means processors aren’t having to get aggressive in their procurement efforts and prices have reflected that.  Demand for US pork on the global market has been relatively strong, but long-term concerns about continued strength remain.  The 5-day rolling average at the National Daily Direct is $54.18; the average at the Iowa/Minnesota and the Western Corn Belt is $53.82. 

Butcher hog prices at the Midwest cash markets were down sharply in Garnavillo, Iowa to $45. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $36 to $48.  Barrows and gilts were $1 lower with moderate demand for moderate offerings at $33 to $43.  Boars ranged from $10 to $20 and $5 to $10. 

Pork values are higher at midday – up $1.83 at $87.50.  Bellies jumped more than $17 to start the day.  Picnics and loins were also higher.  Butts, ribs, and hams were lower.