Market News

Midday cash livestock markets

Direct cash cattle trade activity has been improving throughout the morning.  Some deals have been reported in Kansas and Texas at $119 live.  That’s generally steady with last week’s weighted averages.  Live bids range from $115 in Nebraska to $118 to $119 in other parts of cattle country.  Dressed bids are holding at $185 to $187.  Asking prices are $120 to $122 live and $192 to $193 dressed.  While the gap has narrowed, there’s still some distance between the two and significant trade volume could be delayed until the end of the day today.

Boxed beef opened steady to sharply higher with heavy demand for light offerings.  Choice is $.25 higher at $212.72 and Select opened $3.24 higher at $204.24.  The Choice/Select spread is $8.48.

At the Ogallala Livestock Auction in Nebraska, receipts are down on the week and up on the year.  Compared to last week, steers were steady to $3 higher, heifers were $1 to $5 higher.  The USDA says demand was good on all weights offered.  Feeder supply included 60 percent steers and 38 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 598 pounds brought $155 to $173.50 and feeder steers 602 to 649 pounds brought $151.50 to $170.50.  Feeder heifers 500 to 543 pounds brought $149 to $168 and feeder heifers 657 to 697 pounds brought $131 to $147.50.

Cash hogs opened mixed with moderate negotiated purchase totals.  With the ample supply, packers haven’t had to work hard to move large numbers this week.  These massively large slaughter runs are expected to continue through the end of the year which will keep supplies ample and prices pressured.  Add to that – the market uncertainties, which makes it even more difficult for prices to make any breakout moves higher.  Barrows and gilts at the National Daily Direct opened $.57 higher with a range of $42 to $47.21 for a weighted average of $46.99. Prices at the major regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $36 in Dorchester, Wisconsin.  Markets in Zumbrota, Minnesota and Garnavillo, Iowa are closed today. At Illinois, slaughter sow receipts are up 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 $26 to $34 with moderate demand for moderate offerings.

Pork values opened lower – down $.97 at $72.20.  Picnics, hams, ribs, butts, and loins all are lower.  Bellies opened firm.