Market News

Midday cash livestock markets

Direct cash cattle trade is lower and cash hogs are steady.

Light to moderate cattle trade has developed at midday. A few bids have been reported in Kansas and Nebraska. Some Southern asking prices have been noted around $104 to $105. Dressed deals in Nebraska and Iowa came in at $158 to $161, $2 to $3 lower than last week’s weighted average. Live business in Kansas and Texas was at $101, about $2 lower than last week’s weighted average.

At the Sterling Livestock Commission in Sterling, Colorado Wednesday, medium and large 1 to 2 steers weighing 500 to 600 pounds brought $153.00 to $159.00. Medium and large 1 to 2 heifers weighing 600 to 700 pounds brought $130.00 to $136.00. Supply included 68 percent steers and 32 percent heifers.

Boxed beef is lower to sharply lower at midday on moderate demand for strong offerings. Choice is $2.62 lower at $220.33 and Select is $.04 lower at $207.47. The Choice/Select spread is $12.86.

Cash hogs opened steady. Trade has been slow to firm at midday.

South Korea has placed a ban on German pork after reports of African Swine Fever. The ban could drive the number of U.S. pork exports higher heading into the South Korean market. The industry continues to monitor the supply and demand picture.  The availability of market-ready hogs is more than ample. Demand uncertainty remains and that’s limiting the market’s ability to push prices higher.  

Barrows and gilts at the National Daily Direct are $.22 lower with a base range of $42.00 to $52.00 for a weighted average of $48.65. At the Iowa/Minnesota, hogs are $.62 lower for a weighted average of $49.71. Prices at the Western Cornbelt are $.21 lower for a weighted average of $49.71. Prices at the Eastern Cornbelt were not reported at midday due to confidentiality.

Pork values are moderately to strongly higher at midday – up $1.17 at $81.30.  Hams gained more than $4 to start the day.  Bellies are more than $2 higher.  Picnics are slightly higher, and ribs are sharply lower.  Butts are sharply lower; loins are sharply higher.