Market News
Midday Cash Livestock Market
In-person cash transactions were quiet, typical for a Monday as buyers and sellers prepare for the week’s business. Bids and offers have not yet been tabulated, and any significant volume will likely be delayed until later in the week. Live prices in the southern trade last week were mostly at $188, $2 to $4 lower than the previous week’s trade prices. Slaughter prices in the north were mostly at $312, about $2 lower than the previous week’s weighted average price in Nebraska.
Midday boxed beef was mixed with light to moderate demand for the lighter items. Choice was down $0.65 at $321.41 and Select was up $1.10 at $303.32. The Choice/Select spread was $18.09.
Feed steers and heifers sold at high prices in South Dakota last week. USDA said demand for feed cattle was very good despite weakness in the futures market. Receipts were up week over week and year over year. Feed cattle supply included 70% steers and 96% of offers were over 600 pounds. Medium and large 1 feed steers (854 to 899 pounds) sold for $243 to $272, and 902 to 949 pounds sold for $241.75 to $259.50. Medium and large 1 feed steers (711 to 742 pounds) sold for $249 to $273, and 900 to 947 pounds sold for $220 to $241.
Cash hogs were lower at midday as negotiated purchases were going strong. This performance is not a big surprise as processors are typically not as active in sourcing early in the week. Demand for U.S. pork in the global market has been relatively strong, helping to support prices. However, the combination of a large supply of marketable hogs and heavy pig weights means there is ample pork supply, which is not positive for the price outlook. National Dairy Direct boars and sows were down $1.14 with a base range of $79-$85 and a weighted average of $82.59. Regional Direct Market prices were not reported due to confidentiality.
Midwest cash market pork prices rose $6 to $66.
Pork prices were weak at midday, down 19 cents to $98.65. Ham was down significantly. Pork belly was down. Picnic, belly, loin and ribs were up to up significantly.
