Market News

Midday cash livestock markets

Direct cash cattle trade is pretty quiet following the holiday break.  There have been some sales in Texas reported at $112 live.  Asking prices for cattle in Eastern Nebraska are around $175 dressed.  There have been a few bids surface in the North at $111 live.  Look for more business to develop as the day progresses. 

Boxed beef is steady to lower at midday on light demand for very light offerings.  Choice is $1.21 lower at $243.85 and Select is $.04 higher at $220.94.  The Choice/Select spread is $22.91. 

At the Russell Livestock Auction in Iowa, compared to last week steers under 600 pounds were $1 to $5 lower, while steers 600 to 850 pounds were mostly $1 to $8 higher.  Heifers under 650 pounds were steady to $7 higher and heifers over 650 pounds were mixed.  The USDA says demand was good for heavy offerings and business was active. Receipts were up on the week and feeder supply included 67 percent steers.  Medium and Large 1 feeder steers 553 to 594 pounds brought $149 to $160 and feeder steers 650 to 695 pounds brought $138 to $149.50.  Medium and Large 1 feeder heifers 608 to 638 pounds brought $132.75 to $138 and feeder heifers 704 to 730 pounds brought $124.75 to $134. 

Cash hogs opened lower with moderate negotiated numbers.  Supply and demand continue to be the biggest drivers behind the market.  Processors continue to push daily slaughter totals higher, which has helped alleviate some of the pressure in the production system and keep the supply chain moving, but it also adds more pork to an already saturated market.  The availability of market-ready hogs remains more than ample.  The industry is still optimistic demand for US pork will stay strong on both the global and domestic market.  Because should there be a disruption, it would be detrimental to prices. Barrows and gilts at the National Daily Direct are $.42 lower with a base range of $55 to $57.50 with a weighted average of $56.79.  Prices at the regional direct markets were not reported due to confidentiality. 

Pork values are firm – up $.45 at $78.80.  Hams and butts are sharply higher.  Ribs are steady.  Picnics, loins, and bellies are all lower.