Market News

Midday cash livestock markets

A light direct cash cattle trade is underway in parts of the North.  Live deals are at $115 and dressed business at $184 in Nebraska.  Both are $1 higher than the deals reported earlier in the week.  There are some dressed bids in Iowa at $183.  It’s relatively quiet through the rest of cattle country and it appears business in the South was wrapped up for the week. 

Boxed beef is steady to firm at middays with moderate demand for light offerings.  Choice is $.06 higher at $222.31 and Select is $.45 higher at $207.61.  The Choice/Select spread is $14.70. 

At the Ogallala Livestock Auction in Nebraska receipts are down slightly from the most recent sale.  The USDA says demand was moderate to good with a large crowd.  This week’s offering included weaned fall calves with several groups of yearling feeder cattle.  Some packages and several load lots in the run came off of early spring grass.  Feeder supply included 47 percent steers and 56 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 604 to 647 pounds brought $164.50 to $181 and feeder steers 700 to 737 pounds brought $159 to $169.50.  Medium and Large 1 feeder heifers 557 to 593 pounds brought $147 to $161 and feeder heifers 602 to 649 pounds brought $146 to $160. 

Cash hogs opened weak with very light negotiated purchase totals.  Supply and demand remain the biggest story of the cash hog market right now.  Slaughter runs continue to run above year-ago levels and more pork is entering the market.  Trade issues are lingering.  It appears the Administration will still move forward with the imposed tariffs on Mexico goods on Monday which could add even more pressure to prices.  Trade talks with China have been stagnant.  But, the market is still hopeful global demand for pork will increase as African Swine Fever continues to spread. Barrows and gilts at the National Daily Direct opened $.78 lower with a range of $68 to $77 for a weighted average of $74.80.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

At Illinois, slaughter sow prices were steady at $27 to $44 with light demand for moderate offerings.  Barrow and gilt prices were steady at $48 to $54 with moderate demand for moderate offerings.  Barrow and gilt prices were steady at $48 to $54 with moderate demand for moderate offerings. 

Pork values opened higher – up $1.12 at $84.31.  Bellies jumped $8.15 this morning.  Hams and butts were steady.  Ribs and picnics were weak.  Loins opened lower. 

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