Market News

Midday cash livestock markets

Direct cash cattle trade activity has increased.  Packer inquiry is improving and there are a few more bids on the table at $126 live.  Asking prices are holding firm at $130 to $132 live and $210 plus, dressed.  It’s likely significant trade volume will be delayed until after the release of the latest Cattle on Feed report. 

Boxed beef is steady at midday with light demand for light offerings.  Choice is $.15 lower at $229.16 and Select is $.17 higher at $218.54.  The Choice/Select spread is $10.62. 

At the Ogallala Livestock Auction in Nebraska, receipts are up on the week and the year.  There is no comparison available, but the USDA says demand was good for the nice selection of cattle offered.  Feeder supply included 50 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 562 to 593 pounds brought $181 to $192 and feeder steers 707 to 747 pounds brought $155 to $166.50.  Medium and Large 1 feeder heifers 508 to 546 pounds brought $156.50 to $175 and feeder heifers 609 to 640 pounds brought $149.50 to $165. 

Cash hogs opened sharply higher with light negotiated purchase totals.  China’s the big driver behind the cash markets surging higher. African Swine Fever hasn’t been controlled and the continued spread of the disease has China looking elsewhere on the global market for pork – including the US.  That’s good news considering the supply of ready hogs remains ample. Trade negotiations are ongoing with China and there is still hope a deal can be agreed to sooner rather than later.  Barrows and gilts at the Iowa/Southern Minnesota opened $3.25 higher with a range of $56 to $70 for a weighted average of $69.43; the Western Corn Belt is $2.53 higher with a range of $56 to $70 for a weighted average of $68.34; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.01 higher with a range of $56 to $70 for an average of $65.16. 

Butcher hogs at the Midwest cash markets are $2 lower at $38. 

At Illinois, slaughter sow prices are steady at $28 to $43 with light to moderate demand for light offerings.  Receipts are up on the week and the year.  Barrow and gilt prices are $3 higher at $38 to $45 with good demand for moderate offerings.  Pork values are $1.02 higher at midday at $77.27.  Butts, ribs, and hams are all higher.  Loins and picnics are firm.  Bellies are steady.