Market News

Midday cash livestock markets

It’s a very quiet start for direct cash cattle trade activity following the active day of business Thursday.  Packers were aggressively competing for fed cattle and that resulted in some pretty impressive numbers.  Live deals in the South were marked at mostly $188, $2 higher than the previous week’s weighted averages.  Dressed business in Nebraska and Iowa was at mostly $302, $4 higher than the prior week’s business.  There were a handful of deals in Iowa marked at $304, those are marked for delayed delivery.  Asking prices for what’s left on showlists are around $189-plus live in the South and $303-plus dressed in the North. Most of the week’s business has likely taken place, but a few cleanup deals could happen this afternoon. In a statement to Brownfield Friday, National Beef Packing Company said the company is expected to resume production at its Liberal, Kansas harvest facility Monday (March 25, 2024) following a fire that halted operations Thursday and Friday. The closure is not expected to cause any major disruption to production in the beef industry.

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $2.18 lower at $311.55 and Select is $.99 higher at $304.72.  The Choice/Select spread is $6.83.

At the Valentine Livestock Auction in Nebraska, steers 550 to 750 pounds sold from $4 higher to $26 higher.  Heifers 550 to 650 pounds sold $11 higher.  The USDA says demand was good on an active market.  Receipts were down slightly from two weeks ago.  Feeder supply included 62% steers and 79% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 623 to 628 pounds brought $330.50 to $335 and feeder steers 802 to 836 pounds brought $259.50 to $271.75.  Medium and Large 1 feeder heifers 557 to 540 pounds brought $299 to $308 and feeder heifers 610 to 665 pounds brought $284 to $299.50. 

Cash hogs are lower at midday with fairly light negotiated purchases.  While packers might have pulled back in their procurement efforts to finish out the week, the cash market has found some strength recently.  Largely, due to demand for US pork.  Both on the global market and domestically.  The industry continues to monitor the availability of market-ready hogs, hog weights, and the fluctuation in pork values.  Barrows and gilts at the National Daily Direct were $.33 lower with a base range of $74 to $82 with a weighted average of $80.52; no comparisons at the Iowa/Minnesota with a weighted average of $80.84; the Western Corn Belt had a weighted average of $80.84.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $50 to $62.  Barrows and gilts were steady with moderate demand for moderate offerings at $43 to $53.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values were higher at midday – up $2.51 at $94.59.  Ribs were sharply higher at midday.  Bellies, loins, picnics, and butts were higher. Hams were lower.