Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following this week’s light to moderate business.  We’ve seen dressed deals in the North at $190, $3 lower than last week’s weighted average basis in Nebraska.  Wednesday’s business was mostly in the South with live deals at $118 to $119, $2 to $3 lower than the prior week’s weighted average basis.  There could be some cleanup trade today, but it’s more than likely significant trade volume has wrapped up for the week. 

Boxed beef is higher at midday on good demand for heavy offerings.  Choice is $1.40 higher at $207.85 and Select is $1.98 higher at $205.77.  The Choice/Select spread is $2.08. 

At the Ogallala Livestock Auction in Nebraska, compared to last week steers were steady to $2 higher, except steers 550 to 800 pounds, which were $9 lower.  Heifers were steady to $4 lower, except heifers 550 to 600 pounds, which were $6 higher.  The USDA says demand was good in the crowd and online.  Receipts were down on the week and the year.  Feeder supply included 51 percent steers and 77 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 659 to 698 pounds brought $145 to $153 and feeder steers 854 to 892 pounds brought $133.50 to $141.  Medium and Large 1 feeder heifers 612 to 631 pounds brought $147 to $155.50 and feeder heifer s702 to 744 pounds brought $126 to $141.   

Cash hogs opened mixed with solid negotiated purchases at midday.  The market remains stuck in this back and forth pattern. Wedged between demand optimism and heavy supplies. The uncertainty surrounding the demand picture with China is adding even more pressure to prices. And while Pork has been making its way to China – it’s not near at the levels the industry had been expecting. Until that happens – it’s going to be very difficult for prices to move higher. Barrows and gilts at the National Daily Direct are $1.23 higher with a base range of $44 to $51.64 for a weighted average of $49.87; the Iowa/Minnesota is $.52 lower for a weighted average of $47.77; the Western Corn Belt is $.50 lower for a weighted average of $47.76.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $38.  At Illinois, slaughter sow prices were steady with moderate to good demand for light to moderate offerings at $14 to $25.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $27 to $35.  Boars range from $5 to $18. 

Pork values are steady at midday – down $.17 at $62.93.  Loins, ribs, and bellies were all weak to lower.  Hams were steady.  Butts and picnics are higher.