Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start following the active day on Wednesday.  Asking prices for cattle left on showlists are around $140 live in the South and $222 dressed in the North.  More business is expected to develop before the end of the week.  Deals on Wednesday were marked at $138 live, fully steady with last week’s business.  Dressed deals were at $220, steady to $1 lower than last week’s weighted average basis in Nebraska.  Today’s additional Fed Cattle Exchange Auction was a non-starter with 1,820 head listed and just 35 head sold at $129. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $1.10 higher at $268.03 and Select is $.55 higher at $260.16.  The Choice/Select spread is $7.87.

At the Hub City Livestock Auction in South Dakota, no price comparison is available.  There was a large run of home-raised, long-weaned, attractive quality calves on offer.  The USDA says there was very good demand for light fleshed, lightweight calves.  Demand for heavier feeding-type calves was good.  The market was active.  Receipts were up on the year.  Feeder supply included 64% steers and 87% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 758 to 799 pounds brought $153.50 to $167.50 and feeder steers 851 to 893 pounds brought $156 to $168.75. Medium and Large 1 feeder heifers 715 to 729 pounds brought $152 to $156.75 and feeder heifers 817 to 832 pounds brought $148 to $149.25. 

Cash hogs are higher at midday with big negotiated purchases. Processors are bidding up and have been aggressive in their procurement efforts this week.  The industry continues to monitor the availability of market-ready barrows and gilts.  Demand for US pork on the global market and domestically has been strong, which is expected to continue, at least, in the near term. Barrows and gilts at the National Daily Direct are $1.25 higher with a base range of $64 to $70 and a weighted average of $68.15; both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $69.01.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $46. 

Pork values are sharply higher at midday – up $5.60 at $91.52.  Hams, loins, and butts are all sharply higher.  Ribs are higher.  Bellies and picnics are both sharply lower.