Market News

Midday cash livestock markets

It’s a quiet Friday for direct cash cattle trade following the light to moderate business that’s taken place this week.  While the bulk of the week’s business has likely wrapped up, a little cleanup trade could take place before the end of the day.  Asking prices for what’s left on showlists are around $140 plus live in the South and $230 plus dressed in the North.  Deals this week were at mostly $140 live in the South, $3.50 to $4.50 higher than last week’s weighted averages.  Dressed business in Nebraska and Iowa was at mostly $229 to $230, about $2 to $3 higher than last week’s weighted average basis in Nebraska. 

Boxed beef was higher at midday on moderate demand for light offerings.  Choice is $.22 higher at $263.32 and Select is $2.34 higher at $239.80.  The Choice/Select spread is $23.52. 

At the Mitchell Livestock Auction in South Dakota, compared to last week, there was a light offering of lighter-weight steers and there was a higher undertone noted on steers under 1000 pounds.  Steers over 1000 pounds were significantly higher.  Heifers 700 to 850 pounds were $1 to $2 higher.  The USDA says demand was good with many large load lots in the day’s offering.  Receipts were up on the week, but down on the year.  Feeder supply included 56% steers and the entire offering was over 600 pounds.  Medium and Large 1 feeder steers 856 to 898 pounds brought $178 to $185 and feeder steers 850 pounds brought $193.60.  Medium and Large 1 feeder heifers 806 to 817 pounds brought $168.25 to $176.75 and feeder heifers 861 to 895 pounds brought $158.50 to $177.35. 

Cash hogs were lower at midday with fairly light negotiated purchases.  Processors have had moments of aggressive procurement efforts and bid up to move big numbers throughout the week.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork on the global market has been strong, helping provide price support.  But, there are long-term concerns putting pressure on the market. Barrows and gilts at the National Daily Direct are $.63 lower with a base range of $114 to $133 with a weighted average of $118.14.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $75. 

Pork values were about steady at midday – down $.01 at $123.30.  Belles were sharply lower.  Picnics were lower.  Loins, butts, hams, and ribs were higher to sharply higher.