Market News

Midday cash livestock markets

 

Direct cash cattle markets have been at a standstill nearly the entire week. Packers came into the week short, but have been reluctant to raise bids and spend more money, while sellers are focused on tighter market ready numbers. Asking prices are $130 to $132 on the live basis and $205 dressed with bids of $124 live and $202 dressed.

Boxed beef at midday was firm on light to moderate movement. Choice was up $.16 at $209.20 and Select was $.02 higher at $205.16.

At the Valentine Livestock Auction feeder cattle sale in Nebraska Thursday, compared to two weeks ago, steers and heifers were unevenly steady. The USDA says demand was good and several buyers were in attendance, even with light snow and freezing rain. The entirety of the offering were feeders, 64% of those were heifers, and almost 68% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds were reported at $171.50 to $189 and 700 to 800 pound steers sold at $154.75 to $177.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds ranged from $162 to $184 and 600 to 700 pound heifers brought $145 to $168.

Cash hogs are steady to lower. Buyers continue to limit spending to improve margins, watching market ready numbers and wholesale business. There’s talk of at least a couple of plants either going dark or limiting runs over the next few days because of margins and generally tighter live supplies in some areas. Estimates for Saturday’s kill are around 80,000 to 85,000 head.

Pork at midday was $.73 higher at $77.72. Loins, picnics, ribs, and bellies were firm to sharply higher.

Iowa/Southern Minnesota direct barrows and gilts opened $1.84 lower at $59 to $64.50 for a weighted average of $63.66, the Western Cornbelt is down $1.76 at $59 to $65.50 with an average of $63.70, and national direct business is $1.10 lower at $59 to $65.50 for an average of $64.67. Butcher hogs at the Midwest cash markets are steady at $48 to $50. Missouri direct butchers are steady at $64 to $65 on light to moderate supply and demand. Sows are steady at $40 to $54. Illinois direct sows are sharply lower at $42 to $54 on light to moderate demand for moderate offerings. Barrows and gilts are $2 lower at $40 to $46 on light to moderate demand for moderate offerings. Boars range from $10 to $32.