Market News

Midday cash livestock markets

Direct cash cattle trade is quiet as packers are focused on the distribution of new showlists.  Significant trade volume isn’t likely to develop until the latter half of the week.  Last week we saw light to moderate business develop on Thursday in the North.  Business was at mostly $175, $1 higher than the previous week’s weight average basis in Nebraska.  We finally saw a light trade in the South on Friday at $111, steady with the week prior.

In South Dakota last week, receipts were up on the week and the year. Compared to the previous week’s auctions, steer calves were mostly steady, heifer calves were steady to $2 lower.  Yearling steers and heifers were steady to $4 higher.  The demand for calves was moderate and very good for yearlings.  There’s been increased interest in buying yearling steers, especially with feed costs right now.  But, the supply is tight, particularly for those right off of grass.  Medium and Large 1 feeder steers 500 to 548 pounds brought $170 to $202 and feeder steers 902 to 949 pounds brought $146 to $165.75.  Medium and large 1 feeder heifers 500 to 545 pounds brought $145.50 to $168.25 and feeder heifers 850 to 899 pounds brought $139.25 to $156.75.

Boxed beef cutout values are mixed at midday on light demand for light offerings.  Choice down $.19 at $203.06 and Select up $.16 at $191.90.  The Choice/Select spread is $11.16.

Cash hogs opened sharply lower with light negotiated purchase totals. The market will continue to watch the availability of ready barrows and gilts.  The supply/demand picture remains uncertain.  Heavier weights combined with larger slaughter runs brings a lot of pork into a market that is already saturated.  There’s a glimmer of hope as the USMCA works to clear its hurdles.  However, Mexico has yet to lift its 20 percent tariff on US pork.   Barrows and gilts at the Iowa/Southern Minnesota opened $1.53 lower with a range of $60 to $64.25 for a weighted average of $62.12; the Western Corn Belt opened $1.51 lower with a range of $58 to $64.25 for a weighted average of $61.99; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.36 lower with a range of $58 to $64.25 for a weighted average of $62.97.

Butcher hogs at the Midwest cash markets are steady at $40 and $44. At Illinois, slaughter sow receipts are up on the week and the year.  Prices are $1 lower at $21 to $33 with moderate demand for light to moderate offerings.  Barrows and gilts are $1 lower at $37 to $45 with moderate demand for moderate offerings.

Pork cutout values are steady at midday – down $.14 at $79.42.  The primals are mixed with large losses in the hams and loins.  Butts are steady.  Picnics are firm.  Ribs and bellies are sharply higher.