Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. The big feature of the day will be the distribution of this week’s new showlist. Last week’s business was mainly at $117 live, down $3 on the week, and mostly $185 dressed, $7 lower, marking the third week in a row of significant losses. Friday’s trade was limited to clean-up primarily at $115 live and $186 to $187 dressed. Activity could start to develop around midweek. The full reopening of Japan to U.S. beef could increase sales of U.S. beef and beef products by $200 million annually.

Boxed beef at midday was higher with light movement. Choice was up $.86 at $221.17 and Select was $.89 higher at $209.17.

In Nebraska last week, receipts were down on the week and the year. Feeder steers weighing less than 600 pounds were steady, 600 to 800 pounders were $8 to $15 lower, and steers weighing more than 800 pounds were steady to $4 lower. Feeder heifers weighing less than 600 pounds were $2 to $3 lower, while heifers weighing more than 600 pounds were $5 to $10 lower. The USDA says demand was moderate to good for grass cattle, with good demand for cow/calf pairs. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $154 to $196 and 600 to 700-pound steers ranged from $140.75 to $188. Medium and Large 1 feeder heifers weighing 400 to 500 pounds brought $149.50 to $176 and 500 to 600-pound heifers were reported at $141.50 to $158.50.

Cash hogs are steady to lower. Buyers are using their leverage to move the needed numbers, while watching wholesale business. The cutout value lost some ground last week, reducing margins, and export demand from China is a question mark, with no new meetings expected until late June. African Swine Fever continues to spread, slashing China’s herd and raising prices, but Beijing is now encouraging re-expansion.

Pork at midday was up $3.82 at $89.09. Hams were lower, but the other primal cuts were firm to sharply higher, including a $23.18 gain in bellies.

National direct barrows and gilts opened $.96 lower at $72 to $83 with a weighted average of $80.19, the Western Corn Belt is down $1.77 at $72 to $83 for an average of $80.70, and the Eastern Corn Belt had no recent comparison at $76 to $80.50 with an average of $80.06. Butcher hogs at the Midwest cash markets are steady at $60. Illinois direct sows are $1 to $2 lower at $48 to $63 on moderate demand and offerings. Barrows and gilts are steady at $52 to $58, also on moderate demand and offerings. Boars range from $10 to $37.