Market News

Midday cash livestock markets

Another round of direct cash cattle trade is underway.  Deals in Nebraska are at $195 dressed, which is $3 lower than last week’s weighted average basis. These are marked for delayed delivery for the weeks of August 2nd and August 15th.  There’s been a handful of live deals reported in Iowa at $125.  Asking prices are around $120 plus live in the South and $200 plus dressed in the North.  There was a light to moderate trade that took place in the South on Wednesday at mostly $119, about $1 lower than last week’s weighted averages.  There was some scattered business in the North with a wide range from $195 to $200.  A special Fed Cattle Exchange auction took place today with 2,295 head listed and 304 sold at $118.75. 

Boxed beef prices have been delayed due to technical issues at the USDA.

At the Southern Oklahoma Livestock Auction, compared to last week steers were mixed.  With steers over 550 pounds $2 to $4 higher and steers under 350 pounds up to $12 higher.  Heifers sold $2 to $4 higher.  The USDA says quality was average to good and the demand was good.  Feeder supply included 32% steers and 26% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 510 to 546 pounds brought $167 to $177 and feeder steers 550 to 590 pounds brought $155 to $164.  Medium and Large 1 feeder heifers 455 to 495 pounds brought $139 to $149 and feeder heifers 500 to 549 pounds brought $141 to $152. 

Cash hogs are lower at midday with very light negotiated purchases.  Processors continue to monitor the availability of market-ready barrows and gilts.  The strong demand for US pork on the global market and domestically overall has been very supportive to prices.  The industry doesn’t expect that to change anytime soon.  Barrows and gilts at the National Daily Direct are $1.83 lower with a base range of $104 to $110 and a weighted average of $104.53.  The Western Corn Belt has a weighted average of $109.32.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality.   

Butcher hog prices at the Midwest cash markets are steady at $75. At Illinois, slaughter sow prices were $1 higher with good demand for heavy offerings at $60 to $73.  Barrow and gilt prices were steady with moderate to good demand for heavy offerings at $71 to $76.  Boars ranged from $45 to $50 and $10 to $12. 

Pork values are lower at midday – down $1.60 at $120.49.  Butts, loins, and ribs were sharply lower.  Picnics were lower.  Bellies are higher and hams were sharply higher. 

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