Market News

Midday cash livestock markets

Another round of business is underway following the light to moderate trade that took place on Wednesday.  Live deals in the South are at $140, $3.50 to $4.50 higher than last week’s weighted averages.  Business is expected to pick up as the day progresses.  Asking prices are at $139 to $142 live in the South and $232 dressed in the North.  So far this week, dressed deals in the North were at mostly $229, about $2 higher than last week’s weighted average basis in Nebraska. 

Boxed beef was higher at midday on solid demand for light offerings.  Choice is $.49 higher at $263.72 and Select is $1.61 higher at $238.69.  The Choice/Select spread is $25.03. 

At the Bassett Livestock Auction in Nebraska, compared to two weeks ago steers 660 pounds were $3 higher, 800 pounds steers were steady, and steers 950 pounds were $3 lower.  Feeder heifers 800 pounds were $5 higher.  The USDA says demand was good with several buyers in the crowd and online.  Receipts were down from two weeks ago and on the year.  Feeder supply included 44% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 870 to 887 pounds brought $186 to $193 and feeder steers 954 to 977 pounds brought $176.25 to $177.  Medium and Large 1 feeder heifers 760 to 789 pounds brought $183 to $187.75 and feeder heifers 824 to 833 pounds brought $181 to $185.50. 

Cash hogs are sharply lower at midday with fairly light negotiated purchases.  Processors didn’t have to bid up to move numbers today and weren’t aggressive in their procurement efforts and prices reflect that.  Demand for US pork on the global market has been helping provide price support, but there are long-term concerns adding pressure to the market.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $11.58 lower with a base range of $114 to $135 and a weighted average of $118.77 and the Western Corn Belt is $5.45 lower with a weighted average of $129.80.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $75. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $71 to $83.  Barrows and gilts were steady with moderate demand for moderate offerings at $77 to $86.  Boar ranged from $45 to $55 and $10 to $20. 

Pork values are higher at midday – up $2.18 at $125.85.  Hams and picnics are sharply higher.  Bellies are higher.  Loins, ribs, and butts are lower to sharply lower.