Market News

Midday cash livestock markets

Another light round of direct cash cattle business is underway.  Live deals in Kansas have been reported at $186, well above last week’s weighted averages.  The lone bid to surface is at $185 live in Texas.  Asking prices for what’s left on showlists are around $186 to $188 live in the South and $300 plus dressed in the North.  Business got underway on Tuesday, deals in the North were marked at mostly $300 dressed, $10 higher than the prior week’s weighted average basis.  There were a few deals that hit $304 in Nebraska.  Live business in the North had a range of $189 to $191, $3 to $5 higher than the previous week’s weighted averages.  Southern live deals were at $184 to $191, mostly $185, about $7 to $8 higher than the prior week’s business.    

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $2.25 higher at $330.90 and Select is $2.47 higher at $306.57.  The Choice/Select spread is $24.41. 

At the Ogallala Livestock Auction in Nebraska, there was a sharply higher undertone noted on all classes of cattle.  The USDA says demand was good for the heavy supply.  Receipts were up on the month and down on the year.  Feeder supply included 49% steers and 69% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 519 to 549 pounds brought $294 to $307 with an average price of $303.35 and feeder steers 902 to 921 pounds brought $227 to $237 with an average price of $235.26.  Medium and Large 1 feeder heifers 601 to 646 pounds brought $242 to $262 with an average price of $253.72 and feeder heifers 761 to 794 pounds brought $219 to $235.50 with an average price of $226.78. 

Cash hogs are sharply lower at midday with very light negotiated purchases. Today’s drop in prices comes as no surprise.  Packers have been aggressive for much of the week, bidding up to move needed numbers.  Demand for US pork on the global market has been strong, and the industry is optimistic domestic demand will see a boost as the summer grilling season is in full swing.  All eyes are also on the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $8.82 lower with a base range of $81.50 to $90 and a weighted average of $85.25.  Prices at the Regional Direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were $2 higher with moderate demand for heavy offerings at $12 to $22.  Borrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $15 to $25 and $5 to $10.

Pork values are sharply higher at midday – up $ 3.74 at $89.42.  All of the primals were higher with picnics leading the way.