Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet.  Zero bids have surfaced since the very, very light trade that took place on Wednesday.  Asking prices are around $112 to $115 live in the South and $183 plus dressed in the North.  Deals earlier in the week were at $112 live, roughly $7 to $8 lower than last week’s weighted averages with dressed deals at $180, $9 to $10 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef opened weak to lower with light demand and offerings.  Choice is $.69 lower at $231.95 and Select is $1.11 lower at $221.01.  The Choice/Select spread is $10.94. 

At the Mitchell Livestock Auction in South Dakota, feeder steers sold $18 to $23 lower.  Feeder heifers up to 600 pounds were $7 to $9 lower, heifers 600 to 900 pounds sold $12 to $16 lower.  The USDA says demand was good.  Receipts of 2,700 head were down on the week and the year.  Feeder supply included 47 percent steers and 85 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 655 to 672 pounds brought $126.50 to $142 and feeder steers 753 to 797 pounds brought $116.25 to $124.25.  Feeder heifers 568 to 599 pounds brought $131 to $140 and feeder heifers 805 to 834 pounds brought $105.50 to $107.50. 

Cash hogs opened mixed with moderate negotiated purchases. The cash hog market took another big round of losses yesterday signaling limited interest from packers, despite heavy supplies of ready barrows and gilts.  At a time when the industry is looking for any silver lining, it’s looking to the global demand picture.  Supplies of protein are short and the US pork is well-positioned, as long as there isn’t a disruption to production, to meet the world’s pork and protein needs. Barrows and gilts at the National Daily Direct opened $1.75 lower with a base range of $40 to $45 for a weighted average of $42.83; the Iowa/Minnesota opened $.82 higher for a weighted average of $44.45; the Western Corn Belt opened $.67 higher for a weighted average of $44.32; the Eastern Corn Belt has no comparison, but a weighted average of $42.57. 

Pork values opened higher – up $1.51 at $60.72.  Picnics are $15.50 higher, and ribs are $9.52 higher at $114.34.  Butts are higher.  Bellies are firm.  Hams are steady.  Loins are lower. 

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