Market News

Midday cash livestock markets

Direct cash cattle trade is slow, and it looks like the bulk of the week’s business could be completed.  But there could be a little cleanup trade scattered throughout the day.  Asking prices for cattle left on showlists are around $110 plus live in the South and $174 plus dressed in the North.  Thursday’s business was light, mainly at $110 live and $170 to $172 dressed.  That’s mostly steady with the week’s previous business. 

Boxed beef is mixed at midday on light demand for light offerings.  Choice is $.80 higher at $238.50 and Select is $.12 lower at $213.77.  The Choice/Select spread is $24.73. 

At the Ogallala Livestock Auction in Nebraska, compared to last week, steers were $2 to $9 lower and heifers were steady to $8 lower.  The USDA says demand was moderate to good all day.  Receipts were down on the week and the year.  Feeder supply included 49 percent steers and 36 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 559 to 590 pounds brought $142.50 to $160.50 and feeder steers 607 to 637 pounds brought $142.50 to $154.   Medium and Large 1 feeder heifers 503 to 541 pounds brought $135 to $148 and feeder heifers 553 to 598 pounds brought $132 to $146.50. 

Cash hogs opened steady to lower with fairly light negotiated numbers.  Demand uncertainty continues to weigh heavily on the market.  The availability of market-ready hogs is more than ample and slaughter runs continue to push higher.  While the industry is able to continue to work through the backlog of hogs in the production system, it also adds more pork to an already saturated market.   And should a disruption to demand either globally or domestically occur, it would be detrimental to prices.  Barrows and gilts at the National Daily Direct are $.08 higher with a base range of $50 to $58.99 with a weighted average of $58.48; the Iowa/Minnesota is $2.28 lower with a weighted average of $56.63; the Western Corn Belt is $2.18 lower with a weighted average of $56.47. Prices at the Eastern Corn Belt were not reported due to confidentiality.

At Illinois, slaughter sow prices were steady with good demand for moderate to heavy offerings at $32 to $45.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $39 to $42.  Boars ranged from $5 to $8. 

Pork values are weak at midday – down $.35 at $78.87.  Hams and butts are sharply lower.  Ribs are lower.  Picnics and loins are firm.  Bellies are sharply higher.