Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start to the week as buyer and sellers are preparing for business.  Bids and asking prices have yet to surface and significant trade volume will likely be delayed until sometime Thursday or Friday. Deals last week were marked at $190 live in the South were fully steady with the prior week’s weighted averages.  Dressed deals had a range of $296 to $304, mostly $296, which was $3 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday on good demand for light offerings.  Choice is $1.69 higher at $318.03 and Select was $1.57 higher at $186.60.  The Choice/Select spread is $31.43. 

In South Dakota, steer calves under 400 pounds were $3 to $8 lower.  Steer calves over 400 pounds were steady to $4 higher.  Heifer calves under 400 pounds sold with lower undertones and heifers over 400 pounds were steady to $3 higher.  Yearling feeder steers were $2 to $5 higher and yearling heifers were steady to $5 higher.  The USDA says demand for steer and heifer calves was good and there were ample buyers available to make purchases.  Demand for yearlings was also good.  Receipts were up on the week and the year.  Feeder supply included 62% steers and 34% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 549 pounds brought $296 to $346 and feeder steers 551 to 599 pounds brought $274 to $335.50.  Medium and Large 1 feeder heifers 450 to 498 pounds brought $275 to $337.50 and feeder heifers 501 to 549 pounds brought $262.50 to $310. 

Cash hogs were not reported at midday with very few negotiated purchases.  This has been the trend recently for the cash hog market.  A slow start on Monday and then processors have gotten more aggressive in their procurement efforts and have bid up to move larger numbers.  Demand remains the focal point for the market.  Global demand for U.S. pork has been strong and domestic demand is showing some strength recently.  Overall that’s helping provide some price support.  The industry continues to monitor the availability of market-ready hogs and hog weights.   The 5-day rolling average for the National Daily Direct is $85.15; it’s $85.80 for the Iowa/Minnesota, and it’s $85.91 at the Western Corn Belt.

Butcher hog prices at the Midwest cash markets are steady at $63. 

Pork values were higher at midday – up $.81 at $104.78.  Loins were sharply higher.  Butts and picnics were higher.  Hams, ribs, and bellies were lower to sharply lower.