Market News

Midday cash livestock markets

It’s a quiet end to the week for direct cash cattle trade.  So far this week live trade has been at mostly $135 to $136 in the South, steady to $1 higher than last week’s weighted averages.  Northern dressed deals have been marked at mostly $225 to $227 dressed, steady to $2 higher than last week’s weighted average basis in Nebraska.  While the bulk of the week’s business has wrapped up, but a little cleanup trade could take place before the end of the day. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $1.18 lower at $265.10 and Select is $1.08 lower at $239.27.  The Choice/Select spread is $25.83. 

At the Winter Livestock Market auction in Kansas, compared to last week, feeder steers 550 to 950 pounds were $4 to $9 higher.  There were no recent comparisons on steer calves 400 to 550 pounds, however, a higher trend was noted.  Feeder heifers 500 to 900 pounds were $4 to $9 higher.  There was no recent comparison on heifer calves 400 to 500 pounds, however, a higher trend was noted.  The USDA says demand was good.  Receipts were down on the week and the year. Feeder supply included 56% steers and 87% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 810 to 847 pounds brought $170.50 to $176.85 and feeder steers 860 to 886 pounds brought $169.50 to $178.10.  Medium and Large 1 feeder heifers 781 to 788 pounds brought $177.50 to $179 and feeder heifers 811 to 818 pounds brought $149 to $152. 

Cash hogs were lower at midday with moderate negotiated purchases.  Demand for US pork on the global market has been strong, which has been providing price support.  However, long-term demand uncertainty is putting pressure on prices.  The industry continues to monitor the availability of market-ready hogs.  Processors have been fairly aggressive in their procurement efforts, for the most part, this week. Barrows and gilts at the National Daily Direct are $3.37 lower with a base range of $115 to $135 with a weighted average of $123.67; the Iowa/Minnesota is $2.42 lower with a weighted average of $129.48; the Western Corn Belt is $1.81 lower with a weighted average of $129.48; the Eastern Corn Belt is $3.34 lower and had a weighted average of $122.99. 

Butcher hogs at the Midwest cash markets are steady at $75. At Illinois, slaughter sow prices were $1 higher with heavy demand for moderate to heavy offerings at $66 to $78.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boars ranged from $45 to $55 and $10 to $20. 

Pork values are weak – down $.31 at $124.49.  Loins are sharply lower.  Picnics are lower.  Hams, bellies, butts, and ribs are higher to sharply higher.