Market News

Midday cash livestock markets

A light direct cash cattle trade is developing in parts of the North.  Deals in Nebraska are at $192 dressed, which is about $4 lower than last week’s weighted average basis.  Bids are at $118 live in the South.  Asking prices are at $121 to $122 live in the South and $196 plus dressed in the North.  There was a light, mostly live trade that took place on Wednesday at $119 to $120 in the South and $121 to $124 in the North. 

Boxed beef is higher to sharply higher at midday on good demand for light offerings.  Choice is $.93 higher at $281.99 and Select is $2.91 higher at $274.70.  The Choice/Select spread is $6.60. 

At the Hub City Livestock Auction in South Dakota, compared to last week, the best test on steers 700 to 750 pounds were $3 lower, 751 to 800 pounds were mostly steady, and 801 to 950 pounds were $2 to $4 lower with instances of up to $8 lower.  The best test on heifers 750 to 800 pounds were mostly $2 lower with other weight classes of heifers not well compared.  The USDA says demand was moderate to good for the day’s offering featuring loads and strings of both backgrounded and home-raised cattle, and many packages, including several consignments of fall calves.  Flesh varied from light to heavy and quality also varied from plain to attractive.  Market activity was moderate.  Receipts were down on the week and the year and feeder supply included 69 percent steers and 92 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 807 to 846 pounds brought $132 to $140.25 and feeder steers 904 to 942 pounds brought $131.25 to $136.85.  Medium and Large 1 feeder heifers 615 to 639 pounds brought $142.50 to $144.50 and feeder heifers 755 to 773 pounds brought $124.50 to $132.50. 

Cash hogs are higher at midday with moderate negotiated purchases.  Packers continue their aggressive procurement efforts, and are also keeping an eye on the availability of market-ready barrows and gilts.  Demand for US pork has been strong on the global market and domestically, which has been very supportive to prices.  The industry expects that to continue.  Should a disruption to demand occur, it would be very detrimental to prices. Barrows and gilts at the National Daily Direct are $.75 higher with a base range of $104 to $113 and a weighted average of $105.72; the Iowa/Minnesota is $1.39 higher with a weighted average of $111.01; the Western Corn Belt is $1.58 higher with a weighted average of $111.01.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $64. At Illinois, slaughter sow prices were $1 lower with moderate demand for light offerings at $55 to $65.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $67 to $75.  Boars ranged from $40 to $45 and $15 to $18. 

Pork values are higher at midday – up $.56 at $114.20.  Hams, loins, and picnics are all higher to sharply higher.  Bellies, ribs, and butts are lower to sharply lower. 

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