Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade is underway across all areas.  Live deals in the South are at $109, $2 higher than last week’s weighted averages.  Business is also underway in Nebraska with dressed business at mostly $170, $2 higher than last weeks weighted averages and $1 higher than the bulk of Thursday’s business.  Live deals are at $108.  Many of the dressed deals are set for delayed delivery. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $.93 lower at $215.07 and Select is $2.28 at $200.82. 

At the Ogallala Livestock Auction in Nebraska, compared to last week steers and heifers were steady to $2 higher, except 450-pound steers, which were $2 lower and 600-pound steers were $4 lower.  The USDA says demand was moderate and the weather has not been beneficial to the market.  Receipts were down on the week.  Feeder supply included 45 percent steers and 44 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 465 to 498 pounds brought $165 to $177 and feeder steers 553 to 587 pounds brought $154.50 to $158.50.  Medium and Large 1 feeder heifers 456 to 498 pounds brought $147.50 to $152.50 and feeder heifers 651 to 679 pounds brought $153 to $153.50. 

Cash hogs opened weak with moderate negotiated numbers.  Heavy supplies of market-ready barrows and gilts puts pressure on prices.  Processors continue to ramp up daily slaughter totals as they work to alleviate some of the pressure in the production system.  However, it does add more pork to an already saturated market.  The industry remains optimistic demand for US pork will see a boost as the global supply picture continues to shift.  Barrows and gilts at the National Daily Direct are $.47 lower with a base range of $60.75 to $68.50 for a weighted average of $64.58; the Iowa/Minnesota is $.65 lower for a weighted average of $65.80; the Western Corn Belt is $.42 lower for a weighted average of $65.80.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40.At Illinois, slaughter sow prices were higher with good demand for light offerings at $16 to $30.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $40 to $44.  Boars ranged from $1 to $3. 

Pork values are higher at midday – up $1.44 at $96.80.  Bellies are up $6.74.  Hams and butts are higher.