Market News

Midday cash livestock markets

Direct cash cattle trade activity is underway. A large string has sold in Iowa at $120, those are set for delayed delivery. Bids in other areas are at $119 live in Nebraska and Colorado and $188 to $190 dressed in the North.  Asking prices for cattle still on showlists are at $121 live in the South and $190 plus, dressed, in the North.  We saw a light to moderate trade reported in the South yesterday at $119, fully steady with last week’s weighted averages.  There was some very light business reported in parts of the North, mostly at $119 live and $188 dressed, also steady with the prior week’s weighted average basis in Nebraska.  We should see packer interest develop more as the day progresses, especially in the North. 

Boxed beef opened higher with strong demand for moderate offerings.  Choice is $1.39 higher at $217.04 and Select is $1.70 higher at $204.26.  The Choice/Select spread is $12.78.

At the Ogallala Livestock Auction in Nebraska, compared to last week steers and heifers were $6 to $8 lower, except 500 to 600-pound steers which were $2 to $10 higher.  The USDA says demand was good both in the crowd and online.  Receipts of 5,851 were up on the week and the year.  Feeder supply included 58 percent steers and 35 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 451 to 489 pounds brought $177 to $198 and feeder steers 601 to 646 pounds brought $149 to $167.  Medium and Large 1 feeder heifers 402 to 449 pounds brought $163 to $179 and feeder heifers 508 to 540 pounds brought $150 to $161.50. 

Cash hogs opened steady to higher with very large negotiated purchases.  Business could be limited this afternoon as packers have likely obtained their desired numbers.  There’s been some positive news on trade this week and that’s helping to keep cash prices supported.  Details and a timeline on a deal with China are still unavailable and the USMCA still has a few hurdles to clear before it could provide improvement for demand for US pork.  The heavy supplies continue to limit the market’s ability to move higher – leaving it prices stuck in purgatory. Barrows and gilts at the National Daily Direct opened $.37 higher with a base range of $42 to $50 for a weighted average of $48.18, the Western Corn Belt is $.97 higher for a weighted average of $48.09; and the Eastern Corn Belt is $.06 higher for a weighted average of $48.42.  Prices at the Iowa/Southern Minnesota were not reported due to confidentiality. 

At Illinois, slaughter sow prices were $1 to $2 lower with moderate demand for heavy offerings at $15 to $30.  Receipts are up on the week and the year.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $27 to $34. 

Pork values opened sharply higher – up $2.37 at $84.03.  Bellies jumped more than $14 this morning.  Picnics and loins were higher to sharply higher.  Ribs were firm.  Butts were weak and hams were sharply lower.