Market News

Midday cash livestock markets

Another round of light direct cash cattle trade has been reported.  Deals were renewed in Texas at $110 live, steady with the bulk of Wednesday’s business.  The rest of cattle country remains relatively quiet following the light to moderate trade that took place in the North yesterday.  Dressed deals were marked at $172 to $174, $1 lower to $1 higher than last week’s weighted average basis in Nebraska.  There was a light trade reported in the South at $110 to $112, also $1 lower to $1 higher than the prior week’s weighted averages.  Asking prices are at $112 to $113 live and $175 to $176 dressed. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $1.37 lower at $239.52 and Select is $1.28 lower at $221.67.  The Choice/Select spread is $17.85. 

At the Hub City Livestock Auction in South Dakota, compared to two weeks ago, the best test was on yearling steers 900 to 950 pounds and those were mostly steady, 951 to 1000 pounds were steady to $3 lower.  Steer calves 450 to 500 pounds were $3 to $6 higher.  The best test on yearling heifers 800 to 900 pounds were mostly steady with instances up to $2 higher on 850 to 900 pounds.  Heifer calves 450 to 500 pounds were steady to $2 higher.  The USDA says demand was good for both yearlings and calves.  Quality varied on yearlings, from plain to attractive and flesh ranged from light to moderate plus.  Receipts were down from two weeks ago and on the year.  Medium and Large 1feeder steers 602 to 636 pounds brought $155 to $163 and feeder steers 976 to 991 pounds brought $136 to $139.50.  Medium and Large 1 feeder heifers 562 to 588 pounds brought $140 to $146.25 and feeder heifers 814 to 842 pounds brought $129.75 to $136.60. 

Cash hogs opened lower with moderate negotiated purchases.  Supply and demand continue to be the focus on the market.  The availability of market-ready barrows and gilts is more than ample.  Processors continue to push daily slaughter totals higher to prevent any further backlog of hogs in the production system and keep the supply chains moving.  But, that does add more pork to an already saturated market at a time with demand strength is uncertain. Barrows and gilts at the National Daily Direct are $.35 lower with a base range of $54 to $56.75 and a weighted average of $56.34; the Iowa/Minnesota is $.39 lower with a weighted average of $56.13; the Western Corn Belt is $.71 lower with a weighted average of $56.06; the Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $34. At Illinois, slaughter sow prices were weak with moderate demand for moderate to heavy offerings at $27 to $40.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $35 to $41.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are firm at midday – up $.56 at $80.42.  Picnics, bellies, and ribs are all sharply higher.  Loins are firm.  Butts and hams are sharply lower.