Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet on this Friday.  It’s likely the bulk of the week’s business has wrapped up.  There could be some cleanup trade reported before the end of the day.  Asking prices for cattle left on showlists are around $122 plus live in the South and $195 to $197 dressed in the North.  Business this week has been at mostly $195 dressed, $4 higher than last week’s weighted average basis in Nebraska and mostly $122 live in the South, generally $2 higher than last week’s business. 

Boxed beef is lower at midday on light demand for light offerings.  Choice is $.78 lower at $325.47 and Select is $1.59 lower at $285.65.  The Choice/Select spread is $39.82. 

At the Valentine Auction in Nebraska, there was no market trend available, however a higher undertone noted on steers and heifers.  The USDA says demand was good from start to finish with buyers in the crowd and online.  Much of the day’s offering would normally sell later in the summer, but with short grass and dry conditions in the area some ranchers decided to early.  Flesh conditions ranged from light to medium with a few fleshy calves in the run.  Receipts were down on the week and up on the year.  Feeder supply included 46% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 644 pounds brought $166 to $179 and feeder steers 702 to 727 pounds brought $155.25 to $169.75.  Medium and Large 1 feeder heifers 557 to 578 pounds brought $156 to $168.75 and feeder heifers 612 to 647 pounds brought $145.75 to $152.75. 

Cash hogs are sharply lower again at midday with relatively light negotiated purchases.  Processors continue to monitor the availability of market-ready hogs.  The industry is optimistic demand for US pork on the global market and domestically will hold as that’s been very, very supportive to prices.  Should a disruption occur, it would likely send prices tumbling. Barrows and gilts at the National Daily Direct are $3.26 lower with a base range of $113 to $134 and a weighted average of $116.04; the Iowa/Minnesota had a weighted average of $129.30; the Western Corn Belt had a weighted average of $131.33.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $75. 

Pork values are sharply higher at midday – up $2.75 at $127.58.  Bellies are up nearly $16 at midday.  Ribs, picnics, hams, and loins are all sharply higher.  Butts are sharply lower.