Market News

Midday cash livestock markets

Direct cash cattle trade activity has been slow to start the day following Wednesday and Thursday’s light trade.  Bids have surface around $114 live.  Asking prices for cattle left on showlists are around $115 to $116 live in the South and $185 dressed in the North.  Deals on Thursday were mostly in the North and on Wednesday they were mostly in the South.  The bulk of the dressed deals were mostly $182, a little more than $1 higher than last week’s weighted average basis in Nebraska.  Live business in Kansas and Texas has been marked at mostly $114, fully steady with last week’s weighted average basis.  The special Fed Cattle Exchange auction had 790 head, with zero head sold. 

Boxed beef is higher at midday – on moderate demand for light offerings.  Choice is $.85 higher at $241.24 and Select is $.99 higher at $229.78.  The Choice/Select spread is $11.46.

At the Ogallala Livestock Market in Nebraska, compared to last week’s sale, feeder steers were steady to $8 lower, except 800-pound steers which were $4 higher.  Heifers were steady to $3 lower.  The USDA says demand was good all day.  Receipts were down on the week and feeder supply included 60 percent steers and 62 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 647 pounds brought $155.50 to $168.50 and feeder steers 751 to 787 pounds brought $139.50 to $147.  Medium and Large 1 feeder heifers 502 to 543 pounds brought $152.50 to $165 and feeder heifers 759 to 773 pounds brought $127 to $136.25.

Cash hogs are sharply higher again.  Processors continue their aggressive procurement efforts.  The industry remains optimistic demand on the global market and domestically for US pork will remain strong.  But, the market is keeping an eye on the heavy supplies.  The availability of market-ready barrows and gilts is more than ample and daily slaughter totals continue to be higher.  That contributes to more pork coming online.   Barrows and gilts at the National Daily Direct are $2.15 higher with a base range of $70 to $82 with a weighted average of $77.28; the Iowa/Minnesota was $3.26 higher with a weighted average of $78.29; the Western Corn Belt is $3.02 higher with a weighted average of $78.41.  Prices at the Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $48.  At Illinois, slaughter sow prices were $2 to $3 higher with good demand for moderate offerings at $58 to $70. Barrows and gilts were $1 higher with good demand for moderate to heavy offerings at $50 to $55. Boars ranged from $25 to $30 to $12 to $15. 

Pork values are lower at midday – down $.52 at $94.61.  Picnics and bellies are sharply lower.  Loins are lower.  Ribs and hams are sharply higher.  Butts are higher.