Market News

Midday cash livestock markets

Direct cash cattle business is light. Sales are reported at $183 on the live basis in Texas and western Nebraska, steady with the weighted averages from both Wednesday and last week. Asking prices are $184+ live with bids at $290 dressed. Light activity in Kansas Wednesday was at $182 to mostly $183 live. Beef export sales of 12,200 tons were down 3% on the week and 26% from the four-week average, mainly to Japan and South Korea.

Boxed beef at midday was higher with light to moderate movement. Choice was up $.40 at $303.43 and Select beef was $2.01 higher at $294.95 for a spread of $8.48.

At the Huss Livestock Market in Nebraska, compared to the previous week, steers weighing more than 600 pounds were $4 to $6 lower, except 850-pound steers, which were $4 higher, and heifers were steady to $4 lower. The USDA says demand was moderate to good, both from in person buyers and buyers on the internet. Receipts were down on the week and the year. 94% of the offering were feeder cattle, 52% of those were steers, and 88% of the feeder run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds ranged from $251 to $274 and 800-to-900-pound steers brought $243 to $250.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds sold at $243.50 to $268.25 and 700-to-800-pound heifers were reported at $227 to $244.25.

Cash hogs are higher, but quiet, with an extremely light opening run at the major direct markets. It looks like most buyers have the needed numbers in hand after a couple of days of mostly higher prices and moderate movement for the major direct markets. Pork exports of 32,400 tons were 12% higher than the previous week, but 11% lower than the four-week average, primarily to Mexico and South Korea.

The major direct markets were not reported due to confidentiality. The five-day rolling average for national direct barrows and gilts is $71.35, with Iowa/Southern Minnesota at $71.09 and the Western Corn Belt at $70.52. Wednesday, with a light negotiated run, national direct business closed $1.48 higher with a base price range of $67 to $75 for a weighted average of $74.38. Midwest butcher hog markets are closed. Illinois direct sows are $1 higher at $42 to $54 on moderate demand for heavy offerings. Barrows and gilts are up $1 at $40 to $50 with moderate demand and offerings. Boars range from $8 to $25.

Pork at midday was up $.16 at $90.50. Loins and picnics were sharply higher, barely canceling out the modestly to sharply lower moves for butts, ribs, hams, and bellies.