Market News

Midday cash livestock markets

A very light direct cash cattle trade is being reported in the North.  Deals in Nebraska are at $165 dressed.  That’s $2 higher than Thursday’s business and $4 higher than last week’s weighted average in Nebraska.  Asking prices for cattle on showlists are around $105 plus live in the South and $167 plus dressed in the North. 

Boxed beef is firm at midday on good demand for moderate offerings.  Choice is $.57 higher at $215.62 and Select is $.60 higher at $203.99.  The Choice/Select spread is $11.63. 

At the Mitchell Livestock Auction in South Dakota, a higher undertone was noted on steers up to 850 pounds.  Steers 850 to 900 pounds were steady, and a higher undertone was noted on steers 900 to 1000 pounds.  Heifers 800 to 1000 pounds were steady to $2 higher and a higher undertone was noted on heifers over 1000 pounds.  Receipts were up on the week and the year.  Feeder supply included 40 percent steers and 86 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 811 to 828 pounds brought $144.25 to $149.10 and feeder steers 854 to 884 pounds brought $135 to $144.50.  Medium and Large 1 feeder heifers 800 to 848 pounds brought $122 to $134.60 and feeder heifers 857 to 894 pounds brought $124.25 to $128.50. 

Cash hogs opened sharply lower with solid negotiated numbers.  Packers continue to move big numbers, however today they are at sharply lower prices.  Supplies of market-ready hogs are more than ample.  Processors have been able to keep the supply chain moving and while that’s helping to alleviate some of the backlog of hogs in the production system, that’s also adding more pork to an already saturated market.  The industry continues to look for consistent increases in demand, which should help to alleviate some price pressure.  Barrows and gilts at the National Daily Direct are $2 lower with a base range of $50 to $64 for a weighted average of $60.61; the Iowa/Minnesota is $4.18 lower for a weighted average of $60.51; the Western Corn Belt is $4.09 lower for a weighted average of $60.51; the Eastern Corn Belt has no comparison but a weighted average of $60.67. 

Butcher hog prices at the Midwest cash markets are steady at $28.  At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $11 to $23.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $35 to $41.  Boars ranged from $1 to $3. 

Pork values are higher at midday – up $1.16 at $88.19.  Bellies are sharply higher at midday.  Butts, ribs, and hams are all firm to higher.  Loins are steady.  Picnics are weak