Market News

Midday cash livestock markets

Another round of light to moderate direct cash cattle trade is underway.  Dressed deals in Nebraska have been reported at $180, roughly $5 higher than last week’s weighted average (the majority of these sales are set for delayed delivery).  Bids have resurfaced this morning at $111 to $114 live and $177 to $180 dressed.  Asking prices are firm at $114 live in the South and $182 dressed in the North.  Look for more business to develop throughout the balance of the day. 

Boxed beef is steady to firm at midday on light demand for light offerings.  Choice is $.16 higher at $232.34 and Select is $.42 higher at $206.91.  The Choice/Select spread is $25.43. 

At the Ogallala Livestock Auction in Nebraska, receipts are up on the week but down on the year.  Compared to last week’s sale, steers under 700 pounds were steady to $7 higher and heifers under 700 pounds were $2 to $5 higher, there wasn’t enough of an offering for a comparison over 700 pounds.  The USDA says demand was good with a good selection on offer.  Feeder supply included 62 percent steers and 22 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 501 to 545 pounds brought $158.50 to $172.50 and feeder steers 551 to 594 pounds brought $152 to $166.50.  Medium and Large 1 feeder heifers 450 to 498 pounds brought $141.50 to $157 and feeder heifers 564 to 590 pounds brought $136.50 to $149. 

Cash hogs opened mixed with light to moderate negotiated purchase numbers.  The best way to describe the cash hog market right now – is lather, rinse, and repeat.  The industry continues to hold out hope demand for US pork will see a significant boost on the global market.  Not just from China, but from all the other countries impacted by African Swine Fever that need to look elsewhere to meet their pork and protein needs.  However, the supply picture is weighing heavily on the prices.  The availability of market-ready barrows and gilts is more than ample, and slaughter runs continue to hit record or near-record totals almost daily.  Until the cash market sees some of that demand speculation come to fruition – there’s not enough support to move prices higher. 

Barrows and gilts at the National Daily Direction opened $.54 higher with a base range of $45 to $50.47 for a weighted average of $49.59 and the Western Corn Belt opened $.79 lower for a weighted average of $47.36.  Prices at the Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were $2 to $3 lower at $30 to $44 with very good demand for moderate go heavy offerings.  Receipts were up on the week and the year.  Barrow and gilt prices were steady at $30 to $36 with light demand for heavy offerings. 

Pork values are lower – down $1.36 at $74.69.  Hams and ribs are sharply lower.  Butts and loins are weak to lower.  Bellies are steady.  Picnics are firm.