Market News

Midday cash livestock markets

Direct cash cattle business is limited so far today, after yesterday’s mostly moderate activity. So far, trade is at $120 on the live basis in Nebraska. Sales Wednesday were mainly at $118 to $120 on the live basis, about steady to $2 higher than most of last week’s weighted averages. That does go against some seasonal influences and happened despite the bottom falling out of the wholesale market. Parts of the region could be wrapped up, but there’s probably still business yet to be done, especially on the dressed basis. Asking prices are $122 live and $192+ dressed. Bids are reported at $188 to $190 dressed in Nebraska.

Choice boxed beef at midday was $2.12 lower at $210.57 and Select was $.43 lower at $198.30. Weekly beef exports were down 27%.

At the Bassett Livestock Auction feeder sale in Nebraska Wednesday, the USDA says there wasn’t much of a comparison to the last sale two weeks ago, since most of this week’s offering were yearlings for the operation’s annual barbecue auction. Fall calf steers and heifers, compared to two weeks ago, were steady for 700 to 750 pound steers and $6 to $10 lower for 600 to 650 pounders. Overall, demand was very good with several buyers in attendance and cooler temperatures. Feeders made up the entirety of the offer, 64% of those were steers, and about 96% of the offering weighed more than 600 pounds. 800 to 890 pound feeder steers brought $154.50 to $165.50 and 900 to 985 pounders ranged from $145 to $155.75. 700 to 795 pound feeder heifers sold at $147.25 to $159 and 800 to 890 pound heifers were reported at $139.25 to $151.25.

Cash hogs are mixed. Business could see support from another higher move in pork, with the weekly kill expected to be about 2.2 million head. Processing margins are good, but Saturday’s slaughter is expected to be minimal. The market’s getting ready for the eventual expansion of market ready numbers and looking for a seasonal top in the wholesale market.

Iowa/Southern Minnesota direct barrows and gilts opened $.02 higher at $82 to $88.50 for a weighted average of $87.55 and the Western Cornbelt is up $.37 at $82 to $88.50 with an average of $87.53, but national direct business is $.58 lower at $82 to $88.50 for an average of $86.26. Butcher hogs at the Midwest cash markets are steady at $57 to $63. Missouri direct butchers are steady to $1 lower at $81 on light to moderate supply and demand. Sows are steady at $45 to $62. Illinois sows are firm at $58 to $66 on very good demand for heavy offerings. Barrows and gilts are firm at $57 to $63 on good demand for moderate offerings. Boars range from $10 to $45.

Pork at midday was $2.27 lower at $103.55. All the primals were lower, including a $12.13 drop in ribs and a $5.67 decline in butts. Weekly pork exports were a new marketing year low.