Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow following Monday’s light, scattered trade in the South.  Deals were at $106 live, $2 lower than the prior week’s weighted averages.  There were also some scattered deals in parts of the North at $165 to $166, which is $2.50 to $3.50 lower than last week’s weighted averages basis in Nebraska.  Asking prices today are around $108 live in the South, while the North remains quiet.  Bids in the South are at $106 live and in the North at $166 dressed. 

Boxed beef is higher to sharply higher at midday on good demand.  Choice is $1.60 higher at $211.34 and Select is $3.28 higher at $195.12.  The Choice/Select spread is $16.22. 

At the Tri-State Livestock Auction in Nebraska, compared to last week, steers were steady to $5 higher and heifers were steady to $9 higher. The USDA says demand was good both in person and online.  Receipts were down slightly on the week and the year.  Feeder supply included 63 percent steers and 6 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 476 to 499 pounds brought $160.50 to $168.75 and feeder steers 506 to 525 pounds brought $162 to $171.  Medium and Large 1 feeder heifers 459 to 495 pounds brought $147 to $161.50 and feeder heifers 512 to 539 pounds brought $135 to $144. 

Cash hogs opened steady to lower with solid negotiated purchases.  Supplies of market-ready barrows and gilts remain more than ample and processors continue to push daily slaughter totals higher.  While that helps work through the backlog of hogs in the production system created by COVID-19 related slowdowns and shutdowns, it also adds more pork to an already saturated market. The industry is optimistic demand for US pork will continue to pick up steam on the global market, which would provide additional price support. Barrows and gilts at the National Daily Direct are $1.71 lower with a base range of $57.54 to $66 and a weighted average of $60.02; the Iowa/Minnesota is $.14 higher for a weighted average of $64.31; the Western Corn Belt is $.14 higher with a weighted average of $64.31.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40, which is steady with Monday, but $10 lower than last week’s last reported prices. At Illinois, slaughter sow prices were $2 higher with good demand for heavy offerings at $22 to $36.  Barrow and gilt prices were $2 to $4 lower with moderate to good demand for moderate to heavy offerings at $37 to $43.  Boars ranged from $1 to $5. 

Pork values are higher at midday – up $1.77 at $99.87.  Bellies are up $7.14 to start the day.  Loins and picnics are also sharply higher.  Butts are firm.  Ribs are steady and hams are sharply lower.