Market News

Midday cash livestock markets

A very light direct cash cattle trade has been reported in eastern Nebraska.  Deals are at $110 live.  Bids in the rest of cattle country are at $110 to $111 live and $172 dressed with asking prices around $112 to $114 live in the South and $175+ dressed in the North.  Look for more business to develop as the day progresses.  There was a light trade in the North on Thursday at mostly $172, $7 higher than last week’s weighted average basis in Nebraska.  There was also some scattered business in the South at $110 to $111, $3 to $4 higher than the previous week’s weighted averages. 

Boxed beef is steady to higher at midday on moderate to good demand for moderate offerings.  Choice is $.06 lower at $226.44 and Select is $1.57 higher at $209.81.  The Choice/Select spread is $1.57. 

At the Mitchell Livestock Auction in South Dakota, compared to last week a higher undertone was noted on steers up to 750 pounds, a steady to higher undertone noted on steers 800 to 1000 pounds, and a higher undertone on steers 1000 to 1200 pounds.  Heifers 800 to 1000 pounds were $2 to $7 higher.  The USDA say demand was good and there were many load lots in the day’s offerings. Receipts were up on the week and the year.  Feeder supply included 50 percent steers and 87 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 902 to 948 pounds brought $136.50 to $146.10.  Medium and Large 1 feeder heifers 854 to 890 pounds brought $130 to $136.10. 

Cash hogs opened firm to higher with moderate negotiated numbers.  The trade is optimistic demand for US pork will continue to grow and that is supportive to prices.  The heavy supplies are still concerning as the availability of market-ready hogs isn’t declining and processors continue to push daily slaughter totals higher.  While keeping the supply chains moving, it is also adding more pork to an already saturated market. Barrows and gilts at the National Daily Direct are $.33 higher with a base range of $55 to $62.33 with a weighted average of $60.25; the Iowa/Minnesota is $1.60 higher with a weighted average of $60.31; the Western Corn Belt is $1.37 higher with a weighted average of $60.10.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $46. At Illinois, slaughter sow prices were $1 higher with good demand for moderate offerings at $29 to $43.  Barrow and gilt prices were steady with good demand for moderate offerings at $39 to $42.  Boars ranged form $5 to $8. 

Pork values are lower at midday – down $2.47 at $80.61.  Bellies, butts, and hams are all sharply lower.  Loins and picnics are lower.  Ribs are higher.