Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following the moderate business that took place on Thursday.  There are a few bids that have been floated at $140 live. Asking prices for cattle left on showlists are around $143 plus live in the South and $222 plus dressed in the North.  While it’s likely the bulk of the week’s business has wrapped up, there could be a little cleanup trade take place yet today.   So far this week Northern dressed business has been at $218 to $221, mostly $200, which is $3 higher than last week’s weighted average basis in Nebraska.  Southern live business has been at $140 to $142, mainly $142, which is $3 higher than last week’s business. 

Boxed beef was higher at midday with good demand for moderate offerings.  Choice is $1.92 higher at $273.94 and Select is $1.36 higher at $259.61.  The Choice/Select spread is $14.33. 

At the Mitchell Livestock Auction in South Dakota, compared to two weeks ago, feeder steers 550 to 850 pounds were steady to $6 higher.  There was a higher undertone on steers over 1000 pounds.  Heifers 600 to 950 pounds were steady to $5 higher.  The USDA says demand was good with many large lots of yearlings.  Receipts were up on the week and down on the year.  Feeder supply included 52% steers and 75% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 645 pounds brought $165.25 to $178.75 and feeder steers 704 to 749 pounds brought $164 to $174.50.  Medium and Large 1 feeder heifers 856 to 898 pounds brought $149 to $155.25 and feeder heifers 917 to 942 pounds brought $142 to $153.50. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors have been bidding up this week to move their desired numbers.  All eyes are on the availability of market-ready hogs.  Demand for US pork on the global market has been strong, which is expected to continue, however, there are long-term concerns, and that has had prices under pressure recently. Barrows and gilts at the National Daily Direct are sharply higher at midday – up $2.91 with a base range of $53.50 to $64.50 with a weighted average of $58.42; the Iowa/Minnesota had a weighted average of $62.39; the Western Corn Belt had a weighted average of $62.29.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Pork values are lower at midday – down $1.84 at $86.25.  Bellies are down nearly $11 at midday.  Hams are also sharply lower.  Loins and ribs are higher.  Picnics and butts are sharply higher. 

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