Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids and asking prices haven’t surfaced.  This comes following another very slow week of business last week.  Significant trade volume is likely going to hold out until sometime Thursday or Friday. 

Boxed beef was higher at midday with solid demand for moderate offerings.  Choice was up $1.93 at $375.28 and Select was $.47 higher at $354.77.  The Choice/Select spread is $20.51. 

In South Dakota last week, yearling feeder steers were $2 to $7 higher with spots of $10 higher.  Steers weighing more than 1000 pounds were $2 to $4 lower.  Yearling feeder heifers were steady to $5 higher.  Steer calves were $10 to $20 higher, steers 550 to 600 pounds were steady to $2 higher.  Heifer calves were $10 to $20 higher.  The USDA says demand was good to very good for yearling steers and heifers.  Receipts were up on the week and the year.  Feeder supply included 65 percent steers with 38 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 500 to 548 pounds brought $440 to $510 and feeder steers 601 to 645 pounds brought $391 to $445.  Medium and Large 1 feeder heifers 450 to 496 pounds brought $423 to $475 and feeder heifers 500 to 547 pounds brought $344 to $442.   

Cash hog prices were not reported at midday, with just a handful of negotiated purchases. The slow start to the week is expected.  Processors continue to have leverage, and it’s been weighing on hog prices.  Supplies of market-ready hogs are ample. With ample pork available, demand is crucial and there continues to be concerns about long-term strength. The five-day rolling average for barrows and gilts at the National Daily Direct is $74.79; it’s $75.08 for the Iowa/Minnesota; it’s $75.38 for the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets are $4 lower at $56. 

Pork values were sharply higher at midday, up $4.72 at $85.22.  Hams, bellies, picnics, butts, and loins were all up.  Ribs were lower.