Market News

Midday cash livestock markets

Direct cash cattle trade is quiet, typical for a Monday as buyers and sellers prepare for the week’s business.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until the last half of the week.  Last week, deals in the South were at mostly $188 live, $2 to $4 below the previous week’s business.  Northern dressed deals were at mostly $312, about $2 below the prior week’s weighted average basis in Nebraska.

Boxed beef is mixed at midday with light to moderate demand for fairly light offerings.  Choice is $.65 lower at $321.41 and Select was $1.10 higher at $303.32.  The Choice/Select spread is $18.09.

In South Dakota last week, feeder steers and heifers sold with higher undertones. The USDA says demand was very good for feeder cattle despite the weakness in the futures complex.  Receipts were up on the week and the year.  Feeder supply included 70% steers and 96% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 854 to 899 pounds brought $243 to $272 and feeder steers 902 to 949 pounds brought $241.75 to $259.50.  Medium and Large 1 feeder heifers 711 to 742 pounds brought $249 to $273 and feeder heifers 900 to 947 pounds brought $220 to $241. 

Cash hogs are lower at midday with decent negotiated purchases.  Processors typically don’t start the week very aggressive in their procurement efforts, so business isn’t a big surprise.  Demand for U.S. pork on the global market has been relatively strong, which does help provide price support.  But the combination of ample supplies of market-ready hogs and heavy hog weights means there is plenty of pork supplies available, and that doesn’t help the price picture. Barrows and gilts at the National Daily Direct are $1.14 lower with a  base range of $79 to $85 and a weighted average of $82.59.  Prices at the Regional Direct Markets were not reported due to confidentiality.

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

Pork values were weak at midday – down $.19 at $98.65.  Hams were sharply lower.  Butts were lower.  Picnics, bellies, loins, and ribs were higher to sharply higher.