Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start to the week.  Buyers and sellers are busy taking inventory and preparing for the week ahead.  Bids and asking prices have yet to be established and significant trade volume will likely be delayed until late in the week.  The bulk of the week’s business held out until Friday.  Dressed deals in the North ranged from $358 to $368, mostly $362, $2 higher than the prior week’s weighted averages.  There a lot of business noted in the South last week.  However, Live deals South ranged from $230 to $234, but not enough to establish an accurate price trend.

At the St. Onge Livestock Auction in South Dakota last week, steers 450 to 500 pounds were $16 higher.  Other weights were considerably higher.  Heifers also trended higher, with some weights sharply higher.  The USDA says there was a nice offering of home-raised spring calves, all of which sold on very good demand.  Claves that had both spring and fall shots were met with premiums.  The market was very active early-on.  Receipts were up on the week, but down on the year.  Feeder supply included 73 percent steers and 35 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 500 to 548 pounds brought $482.50 to $537.50 and feeder steers 550 to 599 pounds brought $438 to $497.50.  Medium and Large 1 feeder heifers 451 to 494 pounds brought $445 to $499 and feeder heifers 503 to 543 pounds brought $402.50 to $464. 

Boxed beef was mixed at midday with light to moderate demand for moderate offerings.  Choice was $.84 lower at $364.73 and Select is $1.91 higher at $348.30.  The Choice/Select spread is $16.43. 

Cash hog prices at the major directs were not reported at midday, with fairly light negotiated purchases.  Processors aren’t starting the day off very aggressive in their procurement efforts.  However, strength in pork values could be a positive sign for business. Demand remains crucial to the market, but without data it difficult to have a complete picture of what global demand looks like right now.  Domestic demand is likely finding some support as pork remains a competitively priced protein in the retail space. The five-day rolling average for barrows and gilts at the National Daily Direct is $97.31; it’s $97.33 for the Iowa/Minnesota; and $97.39 for the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets are steady at $70. 

Pork values were higher at midday, up $2.16 at $106.58.  Picnics, ribs, bellies, and loins were all sharply higher.  Butts were up, while hams were lower.