Market News

Midday cash livestock markets

A light direct cash cattle trade is underway in parts of the South at $100 live.  That’s generally $2 to $3 lower than last week’s weighted averages.  The cash market continues to be put under even more pressure.  We saw a light to moderate trade take place yesterday in the North at $165 to mostly $167, generally $4 lower than last week’s weighted average basis in Nebraska.  Asking prices are firm in the South at $105 live and $170 dressed in the North. 

Boxed beef is weak at midday on light demand for light offerings.  Choice is $.67 lower at $229.98 and Select is $.84 lower at $208.11.  The Choice/Select spread is $21.87. 

At the Clovis Livestock Auction in New Mexico, receipts were down on the week and the year.  Compared to last year steers calves under 600 pounds were $4 to $6 higher with instances of $10 higher on 300 to 400-pound calves.  Feeders over 600 pounds were steady on comparable quotes.  Heifer calves under 600 pounds were $2 higher, feeders over 600 pounds were $1 to $2 lower.  The USDA says trade was active and demand was good.  Feeder supply included 45 percent steers and 36 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 542 pounds brought $143 to $154.50 and feeder steers unweaned 625 to 631 pounds brought $129 to $132.  Medium and Large 1 feeder heifers 456 to 468 pounds brought $126.50 to $137.50 and feeder heifers 602 to 540 pounds brought $121 to $130.50.  

Cash hogs opened lower with moderate negotiated purchase totals.  While the market is still hopeful for an increase in demand for US pork on the global market, it has yet to see that come to fruition.  With the heavy supplies and the continued large slaughter runs adding more pork to an already saturated market, prices are having a difficult time moving any higher.  There’s been some concern about the impact of Hurricane Dorian on hog processing in the Southeast – and at least some disruptions are expected.  Barrows and gilts at the Iowa/Minnesota opened $.83 lower for a weighted average of $54.22; the Western Corn Belt is $.83 lower for a weighted average of $54.22; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.12 lower with a base range of $49 to $57 for a weighted average of $53.58. 

Butcher hog prices at the Midwest cash markets are steady at $40.  At Illinois, slaughter sow prices were steady at $19 to $29 with moderate demand for moderate to heavy offerings.  Barrow and gilt prices were weak at $33 to $40 with light to moderate demand for moderate offerings. 

Pork values are lower at midday down $1.48 at $71.38.  Bellies and picnics are sharply lower.  Hams, loins, and butts were steady.  Ribs were higher.