Market News

Midday cash livestock markets

Direct cash cattle trade is off to a sluggish start following the light to moderate business that took place on Wednesday.  Deals in the North had a wide range – from $193 to $198, mostly $198, which is $1 lower than last week’s weighted average basis in Nebraska.  Live deals in the South were at $123 to $124, generally steady with the prior week’s business.  While the bulk of the week’s trade has likely wrapped up, there could be some cleanup trade take place today or tomorrow.  Asking prices for cattle left on showlists are around $125 live in the South and $200 dressed in the North. 

Boxed beef was lower at midday on light demand for moderately light offerings.  Choice is $.43 lower at $307.40 and Select is $.69 lower at $274.81.  The Choice/Select spread is $32.59. 

At the Hub City Livestock Auction in South Dakota, compared to last week the best test was on steers 950 to 1000 pounds, they were steady to $2 lower, and heifers were not well compared.  The USDA says demand for yearlings remains good to very good, with the best demand seen for those off grass.  Quality varied, from plain to attractive.  There were many packages of tested open heifers again this week.  Flesh was mostly light to moderate plus, and the market was active for yearlings, and moderate for calves.  Receipts were down on the week and the year.  Feeder supply included 63% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 903 to 942 pounds brought $142.50 to $145.75 and feeder steers 951 to 993 pounds brought $143.75 to $154.25.  Medium and Large 1 feeder heifers 751 to 790 pounds brought $142 to $146.50 and feeder heifers 988 to 999 pounds brought $137 to $144.

Cash hogs had no comparison at midday, but it was a fairly light negotiated run.  Processors have been able to move their desired numbers recently without having to bid up.  They continue to watch the availability of market-ready hogs.  Demand for US pork has been strong on the global market and domestically, and while it isn’t expected to change anytime soon, there are some long-term demand concerns. Barrows and gilts at the National Daily Direct had no comparison but a base range of $74 to $78 and a weighted average of $76.72; the Iowa/Minnesota had a weighted average of $77.19 and the Western Corn Belt had a weighted average of $77.09.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were mostly $1 lower with moderate demand for moderate to heavy offerings at $52 to $68.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $25 to $30 and $15 to $20. 

Pork values are sharply higher – up $4.55 at $111.47.  Bellies jumped nearly $17 at midday.  Hams were also sharply higher.  Picnics and ribs were higher while butts and loins were lower.