Market News

Midday cash livestock markets

Direct cash cattle trade remains fairly quiet.  There are a few bids on the table at $185 to $187 dressed in Nebraska.  Asking prices are around $121 to $122 live and $190-plus, dressed.  The distance between the two could push significant trade volume until the end of the week.  Today’s Fed Cattle Exchange had an offering of 156 head, all for Kansas and all set for 1 to 9-day delivery.  There were 97 head that actually sold – at $119 and 59 head unsold.  The next event is December 19.

Boxed beef opened mixed with light demand for heavy offerings.  Choice opened $2.83 lower at $211.63 and Select is $.31 higher at $201.70.  The Choice/Select spread is $9.93.

At the Gordon Livestock Market in Nebraska, receipts are down on the year.  There was a moderate crowd on hand for strings and packages of mainly weaned home-raised calves.  The USDA says demand was moderate to good throughout the sale.  Feeder supply included 61 percent steers and 27 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 598 pounds brought $169.50 to $177 and feeder heifers 550 to 566 pounds brought $143 to $148.50.

Cash hogs opened weak with moderate negotiated purchase totals.  With the ample supply of ready barrows and gilts, it’s making it easy for packers to set prices and move numbers.  Large slaughter runs are expected to continue through the end of the year.  With the continued demand uncertainty, the cash market is struggling to find any footing that could potentially launch prices higher.

Barrows and gilts at the Iowa/Southern Minnesota opened $.43 lower at $42 to $46.50 for a weighted average of $45.95; the Western Corn Belt opened $.27 lower with a range of $42 to $46.50 for a weighted average of $45.95; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.20 lower with a range of $42 to $47.21 for a weighted average of $46.40.

Butcher hogs at the Midwest cash markets are steady at $36.

At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $22 to $40 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $27 to $34 with moderate demand for moderate offerings.

Pork values are steady – down $.11 at $73.22.  Hams, butts, and loins all opened sharply lower.  Bellies and Picnics were sharply higher.  Ribs are higher.