Market News

Midday cash livestock markets

It is a typical Monday for direct cash cattle business.  Bids and asking prices are slow to surface as buyers and sellers are busy taking inventory.  It’s likely significant trade volume will develop midweek or later.  Deals last week were mostly $138 live in the South, in comparison to the previous week’s business they were generally steady in Texas and about $1 lower in Kansas.  Dressed deals in the North were mostly $234, about $4 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef is higher and sharply higher at midday on strong demand for light offerings.  Choice is $4.11 higher at $269.09 and Select is $1.13 higher at $246.15.  The Choice/Select spread is $22.94. 

In Nebraska last week, steers and heifers over 800 pounds were firm.  A comparison for steers and heifers under 800 pounds was not available.  The USDA says demand ranged from good to very good with active buyers in the crowd and online.  Receipts were down on the week and the year.  Feeder supply included 77% steers and 97% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 861 to 893 pounds brought $169.50 to $175 and feeder steers 956 to 998 pounds brought $160.50 to $166.85.  Medium and Large 1 feeder heifers 800 to 831 pounds brought $148 to $162 and feeder heifers 919 to 935 pounds brought $144.75 to $145.50. 

Cash hogs are sharply lower at midday with light negotiated purchases.  Processors weren’t aggressive in their procurement efforts and it is reflected in the morning’s business.  Demand for US pork on the global market has been strong, but there are long-term demand concerns which continue to creep up in business.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $5.70 lower with a base range of $112 to $123 and a weighted average of $114.23; both the Iowa/Minnesota and the Western Corn Belt are $5.91 lower with a weighted average of $118.69.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $77. 

Pork values are lower at midday – down $.67 at $111.53.  Bellies are sharply lower.  Butts are lower.  Ribs, loins, picnics, and hams are higher to sharply higher.