Market News

Midday cash livestock markets

Direct cash cattle trade is quiet again this morning.  There are just a few bids noted following yesterday’s late afternoon light to moderate dressed trade at $172, about $10 lower than last week’s weighted average basis in Nebraska.  We saw a light trade take place in the South earlier in the week at $105, about $5 lower than the prior week’s weighted averages.  Live bids this morning are at $106.  Asking prices for cattle left on showlists are around $107 live in the South and $175 dressed in the North. 

Boxed beef opened higher on moderate demand for light to moderate offerings.  Choice is $1.73 higher at $237.85 and Select is $2 higher at $212.67.  The Choice/Select spread is $25.18. 

At the Clovis Livestock Auction in New Mexico, receipts were down on the week and the year.  Compared to last week, steer calves under 500 pounds were steady to $5 higher, steers 500 to 600 pounds were steady to $2 lower.  Feeders over 600 pounds were $5 to $9 lower.  Heifer calves under 600 pounds were mostly $2 to $3 lower and feeders over 600 pounds were $6 to $9 lower.  The USDA says the trade was active and the demand was good.  Feeder supply included 38 percent steers and 29 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 642 pounds brought $130 to $130.50 and feeder steers 700 to 747 pounds brought $124 to $132.75.  Medium and Large 1 feeder heifers 515 to 545 pounds brought $125 to $134 and feeder heifers 565 to 597 pounds brought $127 to $130. 

Cash hogs opened mixed with moderate negotiated purchase numbers.  The heavy supply and ongoing demand uncertainty continue to be the story behind the market.  While there is hope demand will significantly, that has yet to be realized and it has the market struggling to move significantly higher.  Especially with the extremely large slaughter runs and the ample supply of ready barrows and gilts adding more pork to an already saturated market.  Barrows and gilts at the Iowa/Southern Minnesota opened $1.31 higher for a weighted average of $73.83; the Western Corn Belt opened $.49 higher for a weighted average of $72.10; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.23 lower with a base range of $59 to $74 for a weighted average of $68.91. 

Butcher hog prices at the Midwest cash markets are steady at $50 in Dorchester, Wisconsin.  At Illinois, slaughter sow prices are steady at $33 to $48 with moderate demand for light offerings.  Barrow and gilt prices were steady at $41 to $49 with moderate demand for moderate offerings. 

Pork values are weak at midday – down $.41 at $87.82.  Bellies, hams, and picnics are weak to lower.  Loins and butts are steady.  Ribs are higher.