Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start following the light to moderate trade that took place on Tuesday.  Deals were at mostly $191, about $2 higher than the previous week’s weighted average basis in Nebraska.  There were just a handful of cattle that sold in the South.  Asking prices are around $120 plus live in the South and $193 dressed in the North.  Additional business is expected to develop over the balance of the week.  Today’s Fed Cattle Exchange had an offering of 2,749 head with 1,458 head sold from $118.50 to $120.25. 

Boxed beef is sharply higher at midday on good demand for moderate offerings.  Choice is $2.34 higher at $314.71 and Select is $1.39 higher at $297.73.  The Choice/Select spread is $16.98. 

At the Philip Livestock Auction in South Dakota, there was no market comparison available.  The USDA says there was good demand for several load lots and many packages of feeder steers and feeder heifers.  Attractive cattle with a favorable weigh-up were in high demand and sold on an active market.  The drought pressure continues to put stress on the grass cattle market.  Receipts were down from three weeks ago and the year.  Feeder supply included 40 percent steers and 43 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 515 to 544 pounds brought $162 to $176 and feeder steers 659 to 696 pounds brought $148 to $160.25.  Medium and Large 1 feeder heifers 451 to 488 pounds brought $164 to $169 and feeder heifers 654 to 677 pounds brought $134 to $142.50. 

Cash hogs are lower at midday with strong negotiated purchases.  Packers continue to monitor the availability of market-ready barrows and gilts.  Strong demand for US pork on the global market and domestically has been providing price support and the industry expects that to continue. Barrows and gilts at the National Daily Direct are $.10 lower with a base range of $105.76 to $124 and a weighted average of $111.61; the Iowa/Minnesota is $.94 lower with a weighted average of $117.68; the Western Corn Belt is $2.23 lower with a weighted average of $117.63.  The Eastern Corn Belt was not reported due to confidentiality.   

Butcher hog prices at the Midwest cash market are steady at $77. At Illinois, slaughter sow prices were steady to $4 lower with moderate demand for heavy offerings at $48 to $62.  Barrow and gilt prices were steady with good demand for heavy offerings at $75 to $80.  Boars ranged from $40 to $45 and $15 to $20.

Pork values are sharply higher at midday – up $4.90 higher at $118.10.  Bellies were up more than $33 at midday.  Ribs and picnics were also sharply higher.  Loins and butts were higher.  Hams were lower.