Market News

Midday cash livestock markets

Direct cash cattle trade was relatively quiet to start the day Friday.  A few bids were renewed at $154 live in the South.  But it appears many sellers in that part of cattle country continue to hold out for higher prices.  Asking prices in the South are at $156 live and in the North are at $249 to $250 dressed.  At least some additional trade is expected to develop before the end of the day.  For the week, Northern dressed business was at mostly $247, $2 below the prior week’s weighted average basis in Nebraska.  Southern live deals were at mostly $154, $1 below the previous week’s weighted averages. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $.66 higher at $247.94 and Select is $.71 higher at $221.26.  The Choice/Select spread is $26.68. 

At the Ogallala Livestock Auction in Nebraska, compared to the previous week steers were $6 to $30 higher and heifers were steady to $20 higher.  The USDA says demand was good on a good selection offered.  Receipts were up on the week and the year.  Feeder supply included 64% steers and 54% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 644 pounds brought $211 to $231 and feeder steers 711 to 741 pounds brought $188 to $196.  Medium and Large 1 feeder heifers 422 to 446 pounds brought $214 to $230 and feeder heifers 506 to 546 pounds brought $194.50 to $210.50. 

Cash hogs were higher at midday with solid negotiated purchases.  Processors started the day a little more aggressive in their procurement efforts and prices have reflected that.  Demand for US pork on the global market has held strong despite growing global economic concerns.  Should demand slow, it could force prices lower.  The industry is also watching the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $1.52 higher with a base range of $74 to $85 and a weighted average of $82.51; the Iowa/Minnesota is $2.27 higher with a weighted average of $83.17; the Western Corn Belt is $2.12 higher with a weighted average of $83.08; the Eastern Corn Belt had no comparison but a weighted average of $82.58. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $42 to $54.  Barrows and gilts were steady with moderate demand for moderate offerings at $56 to $66.  Boars ranged from $15 to $20 and $10 to $13. 

Pork values are sharply higher at midday – up $6.13 at $91.10.  Picnics were up more than $20 to start the day.  Hams, bellies, and butts were all sharply higher.  Loins were firm and ribs were lower.