Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  It looks like the bulk of the week’s business has wrapped up.  Dressed deals in the North have ranged from $350 to $355, mostly $351, $8 below the previous week’s weighted average basis in Nebraska.  Live deals in the South have been at mostly $228, $3 lower than the prior week’s weighted averages. 

At the Mobridge Livestock Market in South Dakota, steer calves 400 to 449 pounds were mostly steady, steers 450 to 649 pounds were $8 to $10 higher.  Heifer calves 400 to 449 pounds and 550 to 599 pounds were $5 to $7 lower, heifer calves 450 to 549 pounds were $10 higher.  The USDA says demand was good for calves.  Many loads and packages were available.  Most of the good quality calves were fully preconditioned. Flesh varied, from light to some moderate plus, as some calves were on creep feed.  The market was active.  Receipts were down on the week, but up on the year.  Feeder supply included 65 percent steers and 19 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 502 to 543 pounds brought $442.50 to $487.50 and feeder steers 560 to 596 pounds brought $426 to $462.50.  Medium and Large 1 feeder heifers 463 to 499 pounds brought $410 to $452 and feeder heifers 564 to 598 pounds brought $360 to $395.   

Boxed beef was sharply lower and lower on light demand for solid offerings.  Choice was $2.89 lower at $370.68 and Select was $.50 lower at $354.53.  The Choice/Select spread is $16.15. 

Cash hog prices at the major direct markets were not reported at midday due to confidentiality.  The cash hog market has struggled this week.  Processors haven’t moved big numbers and prices have been lower.  The industry continues to monitor the availability of market-ready hogs and hog weights, which have been creeping back up.  There hasn’t been a lot of positive news to help provide some price support.  There is a lot of uncertainty that continues to linger around demand, and the market is looking for any sort of information that can help provide a boost to prices. The five-day rolling average for barrows and gilts at the National Daily Direct is $83.23 and it is $81.57 for the Western Corn Belt. 

Pork values were sharply higher at midday, up $4.68 at $99.94.  Butts, loins, bellies, picnics, hams, and ribs were all sharply higher.