Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the moderate trade that took place on Wednesday.  There are just a few bids being floated at $95 live and $155 dressed and asking prices are hard to find.  While more trade is still expected this week in the North, it’s likely the bulk of the week’s business has wrapped up in the South. Deals in the South on Wednesday had a full range of $90 to $95.25, mostly $95, steady with the week’s earlier business, but $1 higher than last week’s weighted averages.  There was a light trade in the North with a full range of $155 to $160, steady to $2 lower than Tuesday’s deals, but $1 to $6 higher than last week’s weighted average basis in Nebraska. 

Boxed beef is weak at midday on light demand for moderate offerings.  Choice is $.45 lower at $203.38 and Select is $.86 lower at $194.66.  The Choice/Select spread is $8.72. 

At the Bassett Livestock Auction in Nebraska, compared to two weeks ago 500 to 699-pound steers traded steady to $4 higher, steers 700 to 949 pounds traded $2 to $9 higher.  Heifer offerings 550 to 699 pounds were steady to $8 higher and 700 to 949 pounds were steady to $7 higher.  The USDA says demand was very good with a lot of internet bidding.  Receipts were up on the week and the year.  Feeder supply included 67 steers and 91 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 850 to 896 pounds brought $134 to $147 and feeder steers 904 to 944 pounds brought $134.75 to $140.75.  Medium and Large 1 feeder heifers 802 to 834 to $131.25 to $137.10 and feeder heifers 853 to 882 to $122.50 to $127.50. 

Cash hogs are firm at midday with solid negotiated numbers.  The market continues to be driven by the supply and demand dynamic.  Demand optimism is improving both domestically and globally.  And while pork export sales were down on the week, they were still larger than average with Mexico and China the largest destinations.  Supplies of market-ready hogs are ample and slaughter runs continue to push closer to pre-COVID-19 levels, adding more pork to the market.  Barrows and gilts at the National Daily Direct are $.30 higher at midday with a base range of $24 to $31.13 for a weighted average of $29.23; the Iowa/Minnesota is $.74 higher for a weighted average of $29.44; the Western Corn Belt is $.74 higher for a weighted average of $29.44. The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with moderate to good demand for heavy offerings at $9 to $20.  Barrow and gilt prices were firm with moderate to good demand for moderate to heavy offerings at $12 to $20.  Boars ranged from $2 to $5. 

Pork values are sharply higher at midday – up $4.45 at $71.61.  Hams jumped nearly $17 higher.  Picnics and bellies were sharply higher.  Butts were firm.  Ribs and loins where sharply lower.