Market News

Midday cash livestock markets

average basis in Nebraska. Some asking are remaining firm in the South around $142 plus and $222 in the North. Significant volume is expected to be moved throughout the day. Beef cutouts are expected to move lower with light to moderate box movement.

Boxed beef values are higher at midday with light to moderate box movement. Choice is $1.28 higher at $271.50 and select is 61 cents higher at $258.58. the choice/select spread is $12.92.

At the Bassett Livestock Auction in Nebraska, compared to the last test, feeder steers 450 to 650 pounds traded $5 to $19 higher. Heifers were $5 to $7 on a limited offering. USDA says demand was very good with several bidders. Receipts were sharply higher on the week and year. Feeder supply included 76 percent steers and 63 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers weighing 557 to 589 pounds brought $183 to $211 and feeder steers from 651 to 699 brought $170 to $180.50. Medium and Large 1 feeder heifers weighing 501 to 546 pounds brought $160.50 to $175.50 and feeder heifers from 600 to 649 brought $149 to $157.

Cash hogs opened lower on light negotiated purchases. Processors continue to monitor the availability of market-ready hogs and have had to work a little harder this week to move their desired numbers.  Demand for US pork on the global market has been strong, which is expected to continue.  However, there are some long-term demand concerns, which has added pressure to the price picture. 

Barrows and gilts at the National Daily Direct are 17 cents lower with a base range of $53.50 to $61 for a weighted average of $55.51; The Iowa/Minnesota has a weighted average of $60, the Western Cornbelt has a weighted average of $60; the Eastern Cornbelt was not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are $2 lower at $58.

Pork values are sharply higher today, up $9.31 at $91.68. Hams are up nearly $30; bellies are up more than $21. Ribs and butts are higher. Picnics are lower; loins are sharply lower.