Market News

Midday cash livestock markets

It’s a typically quiet day for direct cash cattle trade activity.  Buyers and sellers are preparing for the week’s work ahead.  Bids and asking prices haven’t surfaced and it’s likely significant trade volume will be delayed until midweek or later.  Last week, dressed deals ranged from $290 to $294, mostly $292, $2 higher than the previous week’s weighted averages.  Southern live business held out until late in the day Friday, after the reporting deadline, with deals marked at $184 to $185, mostly $185, about $.50 lower than the prior week’s weighted averages.  This is the first time in recent weeks that live deals in the South and the North have been at the same prices.

Boxed beef is lower at midday on light demand for light offerings.  Choice is $.93 lower at $301.14 and Select is $.97 lower at $271.04.  The Choice/Select spread is $30.37. 

In Nebraska last week steers were $6 to $10 lower, except steers 700 to 900 pounds which were steady to $4 higher.  Heifers under 600 pounds were $5 lower, heifers over 600 pounds were steady to $3 higher.  The USDA says demand was moderate to good.  Receipts were down slightly on the week and up on the year.  Feeder supply included 66% steers and 29% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $266 to $318 and feeder steers 600 to 649 pounds brought $251 to $288.75.  Medium and Large 1 feeder heifers 450 to 499 pounds brought $260 to $298 and feeder heifers 501 to 546 pounds brought $245 to $292. 

Cash hog prices were not reported at midday due to confidentiality.  There were fairly light negotiated purchases reported.  The cash hog market has struggled to find any consistent support.  Slaughter runs have been large, indicating there are ample supplies of market-ready hogs available, putting packers in a position of advantage.  As a result, they haven’t had to be aggressive in their procurement efforts and haven’t been bidding up to move desired numbers.  Demand for US pork has been relatively strong on the global market, but there are long-term concerns that do create added uncertainty in the markets. 

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $39 to $52.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $50.  Boars ranged from $18 to $21 and $5 to $10.

Pork values are sharply higher at midday – up $9.16 at $96.44.  Bellies jumped more than $34, picnics are up nearly $15.  Loins, hams, ribs, and butts are all higher. 

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