Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start as buyers and sellers are evaluating showlists.  Bids and asking prices aren’t likely to surface and showlists will be come out later today.  Look for significant trade volume to hold out until sometime Thursday or Friday.  There was a light to moderate trade last week with live deals in the South ranging from $184 to $195, mostly $186, $1 higher than the previous week’s weighted averages.  Dressed deals in the North ranged from $301 to $311, mostly $305 to $306, about $4 to $5 higher than the previous week’s business. 

Boxed beef is higher and sharply higher at midday on solid demand for light offerings.  Choice is $.75 higher at $320.64 and Select is $2.40 higher at $306.21.  The Choice/Select spread is $14.43. 

In South Dakota last week, feeder steers were unevenly steady and feeder heifers sold with steady to lower undertones.  The USDA says flesh condition was heavier. The market was extremely active.  Grazing conditions are much better than year-ago and the outlook for cow/calf and yearling producers continues to improve.  Receipts were up on the week and the year.  Feeder supply included 46% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 802 to 848 pounds brought $251 to $275 and feeder steers 956 to 996 pounds brought $227 to $246.50.  Medium and Large 1 feeder heifers 651 to 698 pounds brought $256 to $281 and feeder heifers 703 to 749 pounds brought $245 to $274.50. 

Cash hogs were not reported at midday with just a handful of negotiated purchases.  Processors aren’t starting their week off aggressive in their procurement efforts. Demand for U.S. pork on the global market has been strong and that’s beneficial to prices.  But hog weights continue to run well above year-ago levels and supplies of market-ready hogs are ample.  Both add some pressure to the overall price picture.  The five-day rolling average at the National Daily Direct is $87.23; at the Iowa/Minnesota and the Western Corn Belt it is $86.95.   

Butcher hog prices at the Midwest cash markets are $6 higher at $66. 

Pork values are lower at midday – down $2.97 at $98.38. Bellies dropped more than $12 at midday.  Loins were also sharply lower.  Butts and ribs were lower.  Hams and picnics were higher.  

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