Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start the week. Bids and asking prices have yet to surface as buyers are busy preparing for the week ahead.  Significant trade volume isn’t expected before midweek or later.  Deals last week in the North ranged from $355 to $365, mostly $360, $2 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals ranged from $230 to $235, mostly $232, $4 below the prior week’s weighted averages. 

In South Dakota last week, steer calves weighing less than 600 pounds were $20 to $40 lower, steers 600 to 650 pounds were $10 lower, steers 650 to 700 pounds were steady to $5 lower.  Heifer calves were $15 to $30 lower, with instances of $35 lower. Yearling feeder steers and heifers were $10 to $15 lower.  The USDA says demand was moderate to good for steer and heifer calves and yearlings were met with good demand, as supplies are tightening.  Receipts were down on the week, but up on the year.  Feeder supply included 63 percent steers and 34 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 551 to 599 pounds brought $363 to $470 and feeder steers 601 to 649 pounds brought $363 to $445.  Medium and Large 1 feeder heifers 500 to 548 pounds brought $345 to $452.50 and feeder heifers 551 to 598 pounds brought $337 to $432. 

Boxed beef was higher at midday with strong demand for light offerings.  Choice is $1.83 higher at $378.23 and Select is $.95 higher at $362.04.  The Choice/Select spread is $16.19. 

Cash hog prices at the major directs were weak at midday with big negotiated purchases.  Processors are much more active at the start of the week than usual, but did so with lower prices.  Demand remains a wild card. Despite the possibility of the government reopening, there is still some uncertainty as it could be some time before detailed trade and export data is released.  Pork remains a competitively priced protein in the retail space, which is likely helping provide some support to the domestic market.  The industry is also watching the availability of market-ready hogs and hog weights. 

Barrows and gilts at the National Daily Direct are $.19 lower with a base range of $82 to $87 and a weighted average of $84.29.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at midday at $68. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $52 to $64.  Barrows and gilts were steady with moderate demand for moderate offerings at $50 to $60.  Boars ranged from $20 to $30 and $15 to $20.

Pork values were sharply higher at midday, up $3.45 at $102.43.  Butts and loins were both sharply higher.  Bellies, picnics, hams, and ribs were also higher.