Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the light business that’s taken place this week.  No bids have been renewed and asking prices are at $138 live in the South and $220 plus dressed in the North.  There could be some scattered clean-up trade develop over the balance of the week.  So far deals have been at $134 to $137, mostly $136 to $137 live, which is generally $2 lower than last week’s weighted averages.  Dressed deals in the North have been at mostly $218, $2 lower than last week’s weighted average basis in Nebraska.  Today’s special Fed Cattle Exchange was a non-starter with an offering of 2,350 head of which none sold. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $1.88 higher at $281.81 and Select is $1.35 higher at $272.33.  The Choice/Select spread is $9.48.

At the Huss Livestock Market in Nebraska, compared to last week steers 500 pounds and 700 pounds were $6 to $8 higher with all other weights under 750 pounds steady.  Steers over 750 pounds were steady to $5 lower.  Heifers under 650 pounds were $1 to $3 higher and heifers over 650 pounds were unevenly steady.  The USDA says demand was moderate to good with a large crowd of mostly order buyers procuring cattle.  Some of the buying took place online.  Receipts were up on the week and down on the year.  Feeder supply included 59% steers and 82% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 738 pounds brought $164 to $174.50 and feeder steers 801 to 848 pounds brought $156.75 to $167.  Medium and Large 1 feeder heifers 661 to 695 pounds brought $148 to $153 and feeder heifers 705 to 749 pounds brought $146.50 to $153. 

Cash hogs were higher at midday with moderate negotiated purchases.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork on the global market has been strong, which is expected to continue, however, there is some long-term demand concern which has been putting pressure on prices. Barrows and gilts at the National Daily Direct are $.53 higher with a base range of $62 to $71 and a weighted average of $65.28; the Iowa/Minnesota had a weighted average of $69.16; the Western Corn Belt had a weighted average of $69.08.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $44. 

Pork values are sharply higher at midday – up $15.05 at $99.51.  Hams jumped more than $39.  Loins, bellies, and picnics were all sharply higher.  Ribs and butts were lower to sharply lower.