Market News

Midday cash livestock markets

Direct cash cattle trade activity is fairly quiet so far today.  No bids have been renewed and asking prices are around $110 live in the South and $175 dressed in the North.  There’s been a light to moderate trade reported in much of cattle country at $105 live, that’s about $4 lower than last week’s weighted averages.  Dressed business yesterday was mostly at $168, about $6 lower than the previous week’s weighted average basis in Nebraska.  Given we’re ahead of the holiday weekend, the bulk of the week’s business could be completed.

Boxed beef is mixed at midday on moderate demand for moderate offerings.  Choice is $1.31 higher at $223.65 and Select is $3.34 lower at $208.43. 

At the OKC West Livestock Auction in Oklahoma, compared to last week, feeder steers were mostly $1 to $4 lower, feeder heifers were $2 to $4 higher.  The USDA says demand was moderate and quality was average to attractive.  There were several large consignments on offer again this week.  All classes of steer and heifer calves were too lightly tested for an accurate trend, but a steady undertone was noted.  Demand was moderate and quality was average.  Receipts were down on the week, but up on the year.  Feeder supply included 50 percent steers and 78 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 766 to 786 pounds brought $105 to $121.75 and feeder steers 904 to 922 pounds brought $101.25 to $108.50.  Medium and Large 1 feeder heifers 701 to 747 pounds brought $106.25 to $122 and feeder heifers 820 to 843 pounds brought $104.20 to $107. 

Cash hogs opened mixed with moderate negotiated numbers.  The market has been under pressure as domestic demand uncertainty continues at a time when supplies of market-ready hogs are heavy.  This morning’s export sales report from the USDA did offer some good news – pork export sales hit a marketing-year high, with China listed as the biggest buyer of US pork last week, buying about two-thirds of the more than 55,000 ton total.  The global protein supply is still short.  And as long US pork production doesn’t experience any major disruptions, it is still well-positioned to fill the gaps left by African swine fever. Barrows and gilts at the National Daily Direct opened $.37 lower with a base range of $39.50 to $41 for a weighted average of $39.97; the Iowa/Minnesota opened $.52 higher for a weighted average of $40.52; the Western Corn Belt is $.52 higher for a weighted average of $40.52.  The Eastern Corn Belt was not reported due to confidentiality. 

Midwest cash markets are closed Thursday and Friday.  At Illinois, slaughter sow prices were steady with good demand for moderate to heavy offerings at $20 to $37.  Barrow and gilt prices were weak, with light demand for moderate offerings at $18 to $23.  Boars brought anywhere from $5 to $10.

Pork values are higher at midday – up $.91 at $52.32.  Hams, loins, and ribs are all higher.  Bellies, picnics, and butts are lower.