Market News

Midday cash livestock markets

Direct cash cattle trade activity is developing.  It took all week for business to get started, and it was definitely worth the wait for sellers. Live deals in the South were at $210, $7 higher than the previous week’s weighted averages.  Live deals in Nebraska and Iowa are at $212 to $215 – $3 to $5 higher than the previous week’s weighted average basis in Nebraska.  Dressed deals have yet to develop, but bids have surfaced at $332 to $335. 

At the Mitchell Livestock Auction in South Dakota, feeder steers up to 800 pounds sold with a higher undertone.  Steers 800 to 900 pounds sold $8 to $10 higher. Steers 900 to 1100 pounds sold steady to $1 higher.  Feeder heifers 650 to 1000 pounds sold $8 to $12 higher.  The USDA says demand was very good and there were many very large load lots in the day’s offering.  Quality was above average.  Receipts were up on the week and the year.  Feeder supply included 48 percent steers and 95 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 612 to 630 pounds brought $342.50 to $360.50 and feeder steers 978 to 991 pounds brought $250 to $268.50.  Medium and Large 1 feeder heifers 603 to 649 pounds brought $310 to $331 and feeder heifers 651 to 695 pounds brought $305 to $311.

Boxed beef was mixed at midday with light to moderate demand for moderate offerings.  Choice is $2.15 lower at $325.91 and Select is $.28 higher at $309.64.  The Choice/Select spread is at $16.27. 

Cash hogs are lower at midday with fairly solid negotiated purchases.  Processors are moving larger numbers at lower prices today.  Demand for U.S. pork on the global market has been strong, but ongoing trade uncertainties and the threat of tariffs could be adding some pressure to the market.  U.S. export sales for pork have seen consecutive weeks of marketing-year lows.  On the domestic side, pork remains a more competitively priced protein, which could be a bright spot for overall demand.  The industry also continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $2.14 lower with a base range of $85 to $90 and a weighted average of $88.26; no comparison at the Iowa/Minnesota but a weighted average of $87.99; the Western Corn Belt has a weighted average of $87.96; the Eastern Corn Belt has a weighted average of $89.28. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values were higher at midday – up $2.48 at $98.34.  Ribs, loins, hams, butts are all sharply higher.  Picnics are firm and bellies are lower.