Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet following the light to moderate business that took place on Wednesday.  Bids have surfaced in Nebraska at $172 dressed, while the rest of cattle country remains quiet.  Asking prices are at $112 live in the South and $176 to $178 dressed in the North.  Southern live deals on Wednesday were at $110, that’s steady to weak with the prior week’s weighted averages.  A very light trade was also reported in Nebraska on Wednesday at $109, which was about steady with the previous week’s weighted averages basis.  Look for dressed business to develop over the balance of the week. 

Boxed beef is sharply higher at midday on good demand for moderate offerings. Choice is $2.58 higher at $221.39 and Select is $3.01 higher at $210.29.  The Choice/Select spread is $11.10. 

At the Ozarks Regional Stockyards in Missouri, compared to last week the bulk of feeder steers were $3 to $6 lower with the exception of some seven-weight steers which were $1 higher.  Feeder heifers 400 to 600 pounds were $1 to $3 lower, however six weight heifers were $2 higher, while other classes were not well tested.  The USDA says demand was moderate on a moderate supply.  Receipts were down on the week and the year.  Feeder supply included 54 percent steers and 43 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 603 to 641 pounds brought $136.50 to $150 and feeder steers 701 to 730 pounds brought $135 to $142.  Medium and Large 1 feeder heifers 551 to 599 pounds brought $125 to $131.50 and feeder heifers 655 to 698 pounds brought $122 to $129. 

Cash hogs were lower at midday with moderate negotiated numbers.  The industry continues to monitor the supply and demand situation.  With the ample supplies of market-ready hogs, it has been very difficult for prices to push higher consistently.  Daily slaughter totals continue to run at near-record levels, and while that’s keeping supply chains moving and preventing a backlog of hogs in the production system, it’s also adding more pork to an already saturated market.  At the same time, the market does have long-term demand concerns. Barrows and gilts at the National Daily Direct are $1.95 lower with a base range of $46 to $56.50 and a weighted average of $54.69 and the Western Corn Belt had no comparison but a weighted average of $56.12.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40. At Illinois, slaughter sow prices were firm with good demand for heavy offerings at $32 to $44.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $30 to $38.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are sharply higher at midday – up $4.96 at $83.98.  Bellies and hams are both sharply higher.  Butts are higher.  Ribs are firm.  Picnics are sharply lower and loins are lower.