Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are $185 to $186 on the live basis with asking prices on the dressed basis and bids in all the major feeding areas yet to be established. Widespread business is expected to wait until at least Wednesday. Last week’s business was light to moderate at sharply higher prices than the week before that, partially due to tighter market ready numbers.

Boxed beef at midday was modestly to sharply higher with light to moderate movement. Choice was up $.45 at $302.24 and Select beef was $2.73 higher at $290.72 for a spread of $11.52.

At the Tri-State Livestock Auction in McCook, Nebraska, compared to the previous week, feeder steers weighing less than 600 pounds were $7 to $10 lower, while steers weighing more than 600 pounds were $5 to $10 higher. Feeder heifers weighing less than 650 pounds were $7 to $10 lower, with heifers weighing more than 650 pounds were steady to $4 higher. The USDA says demand was good with quite a few buyers at the sale and active internet interest for yearling weight steers. There were several large consignments and load lots, in addition to packages of long-time weaned calves. There were a few fall born calves coming off the cow as well. 93% of the weekly offering were feeder cattle, 57% of those were steers, and 84% of the feeder offering weighed more than 600 pounds. Receipts were down on the week, up on the year. Medium and Large 1 feeder steers weighing 700 to 800 pounds were reported at $253 to $271 and 800-to-900-pound steers sold at $240 to $250.35. Medium and Large 1 feeder heifers weighing 700 to 800 pounds ranged from $227.50 to $240.50 and 850-to-900-pound heifers brought $219.60.

Cash hogs are steady to modestly higher with light opening negotiated numbers at the major direct markets. There is a firm undertone to business with buyers raising bids to move the needed near-term numbers, while monitoring demand. Some of those buyers might be trying to get ahead of possible weather-related movement issues in parts of the Midwest Wednesday.

National direct barrows and gilts are $.61 higher with a base price range of $67 to $72.50 with a weighted average of $70.70, with the Western Corn Belt also up $.61 at $70.70. Iowa/Southern Minnesota was not reported due to confidentiality with a five-day rolling average of $73.29 and the Eastern Corn Belt had no recent comparison. Midwest butcher hogs are steady at $55. Illinois direct sows are steady at $39 to $51 with moderate demand for heavy offerings. Barrows and gilts are steady at $37 to $47 on moderate demand and offerings. Boars range from $8 to $25.

Pork at midday was up $1.85 at $92.84. Loins, ribs, hams, and bellies were sharply higher, with butts weak and picnics sharply lower.