Market News

Midday cash livestock markets

Direct cash cattle trade has been pretty quiet through midday.  A few bids have surfaced at $184 live in the South and $294 dressed in the North.  Asking prices are around $184 live in the South and $296-plus dressed in the North. Some business could still take place this afternoon, but it’s likely limited to cleanup trade.  There was a light to moderate trade reported this week across all feeding areas.  Dressed business was at mostly $294, generally $2 higher than the previous week’s weighted average basis in Nebraska.  Live deals in the South were around $182, fully steady with the prior week’s weighted averages.

Boxed beef is mixed at midday on light to moderate demand for solid offerings.  Choice is $1.50 higher at $298.42 and Select is $1.19 lower at $288.47.  The Choice/Select spread is $9.95. 

At the Mobridge Livestock Auction in South Dakota, there was a featured consignment of 1,100 backgrounded black steers which were met with very good demand.  The USDA says there was also very good demand for a couple of home-raised heifers, with the balance of the offering selling in packages that were met with moderate to good demand depending on quality.  The market was active on loads and moderate on packages.  Receipts were down on the week and the year.  Feeder supply included 75% steers and 78% of the offering as over 600 pounds.  Medium and Large 1 feeder steers 913 to 940 pounds brought $250 to $251.50 and feeder steers 977 to 990 pounds brought $241.  Medium and Large 1 feeder heifers 512 to 539 pounds brought $300 to $313 and feeder heifers 631 pounds brought $297.

Cash hogs were not reported at midday due to confidentiality.   Packers were active early in the week, resulting in a lackluster business at the end of the week.  Demand for US pork has been strong on the global market, and processors have had to be more aggressive in their procurement efforts to meet the needs of the recent uptick in slaughter pace.  Domestic demand has also been showing some strength recently.  Both are supportive to prices. The industry continues to monitor the availability of market-ready hogs and hog weights. 

Butcher hog prices at the Midwest cash markets are steady at $52. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $42 to $54.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were sharply higher at midday – up $2.71 at $100.20.  Bellies jumped more than $13 to start the day.  Loins, butts, ribs, and picnics were higher.  Hams were lower.