Market News

Midday cash livestock markets

Direct cash cattle trade is finally developing.  There’s light business across all parts of cattle country.  Deals in Nebraska are marked at $292 dressed, $2 below the previous week’s weighted average basis in Nebraska.  Live deals in the South are at $182, steady with the previous week’s weighted averages. Asking prices are firm around $184 to $185 live in the South and $295-plus dressed in the North.  Look for more business to develop before the end of the day.  Cattle on Feed numbers are out at 3ET/2CT.

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $.13 higher at $295.93 and Select is $1.80 higher at $291.07.  The Choice/Select spread is $4.85.

At the Mitchell Livestock Auction in South Dakota Thursday, feeder steers 800 pounds and up were unevenly steady.  Feeder heifers 800 pounds and up were $1 to $5 higher.  The USDA says there were many heavy yearlings in the day’s offering.  Demand was good and there were many large load lots in the auction.  Receipts were up on the week and the year.  Feeder supply included 45% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 871 to 887 pounds brought $225.50 to $236.25 and feeder steers 900 to 935 pounds brought $229.50 to $240.85.  Medium and Large 1 feeder heifers 853 to 888 pounds brought $217 to $224.50 and feeder heifers 900 to 935 pounds brought $206.50 to $222.25. 

Cash hogs are lower at midday with light negotiated purchases.  The cash hog market has been pretty active this week as processors have been bidding up to meet demand.  It appears they have needed numbers on hand, and it will be a relatively slow Friday.  While this week’s export sales report was a marketing-year low, overall global demand for U.S. pork has been strong.  Domestic demand is also showing some strength as summer grilling season is just around the corner.  The industry continues to monitor the availability of market-ready hogs and hog weights.  Barrows and gilts at the National Daily Direct are $1.80 lower with a base range of $83 to $92 and a weighted average of $88.69 and the Eastern Corn Belt has a weighted average of $89.32.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at midday at $52. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were higher at midday – up $1.06 at $101.02.  Bellies, loins, butts, picnics, and hams were higher.  Ribs were lower.