Market News

Midday cash livestock markets

An active direct cash cattle trade has developed across the three major feeding areas.  Live business in Kansas and Texas is marked at $156, about $1 below the previous week’s weighted averages.  Dressed business in Nebraska is at $250, steady to slightly lower than Thursday’s business and $2 below the prior week’s weighted averages basis in Nebraska.  Asking prices are firm at $158 to $159 live in the South and $253-plus dressed in the North.  There was a light round of business late in the day on Thursday in parts of the North at $250 to mostly $252 dressed, which was steady with last week’s business. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $.94 higher at $278.43 and Select is $1.03 higher at $258.04.  The Choice/Select spread is $20.39. 

At the Mitchell Livestock Auction in South Dakota, feeder steers except 600 to 650 pounds were steady $3 lower.  Steers 600 to 650 pounds were $4 to $5 higher.  Feeder heifers under 750 pounds were steady to $2 higher while feeder heifers over 750 pounds were $1 to $4 lower.  The USDA says demand was good to very good for the very large attractive offering.  Cattle were from grass fed to moderately backgrounded. Receipts were up on the week and the year.  Feeder supply included 53% steers and 92% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 751 to 794 pounds brought $174.50 to $182.75 and feeder steers 800 to 849 pounds brought $172 to $182.25.  Medium and Large 1 feeder heifers 700 to 744 pounds brought $167.50 to $177 and feeder heifers 858 to 899 pounds brought $160 to $165.60. 

Cash hogs were about steady at midday with fairly light negotiated purchases.  The cash hog market has struggled to find any significant support this week.  And while pork remains a great value for consumers at the grocery store, there are concerns demand could wane moving forward if the economy continues to slow.  Packers have been moving their needed numbers this week without having to bid up, that isn’t expected to change today.  Yesterday, the USDA increased its expected pork production numbers and also raised the average price. Barrows and gilts at the National Daily Direct are down $.03 with a base range of $71 to $74 with a weighted average of $72.35.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $56. At Illinois, slaughter sow prices were steady with light demand for moderate offerings at $32 to $44.  Barrows and gilts were steady with moderate demand for moderate offerings at $54 to $64.  Boars ranged from $15 to $20 and $10 to $13. 

Pork values are sharply higher at midday – up $4.40 at $83.73.  Hams and bellies are both sharply higher.  Loins and ribs are higher.  Butts and picnics are lower and sharply lower. 

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