Market News

Midday cash livestock markets

Direct cash cattle trade is quiet following the light to moderate business that’s taken place during the week.  Asking prices for cattle left on showlists are around $125 live in the South and $198 dressed in the North.  There could be a little clean-up trade develop yet today, but it’s likely the bulk of the week’s business has wrapped up.  Deals this week have been at mostly $124 live, about steady with last week’s weighted averages.  Northern dressed deals were at mostly $196, also generally steady with last week’s weighted average basis in Nebraska. 

Boxed beef was higher at midday on good demand for solid offerings.  Choice is $.97 higher at $281.29 and Select is $.80 higher at $261.48.  The Choice/Select spread is $19.81. 

At the Ogallala Livestock Auction in Nebraska, compared to last week, calves were steady to $7 higher.  There weren’t enough yearlings offered for an accurate comparison.  The USDA says demand was good on all the offerings.  Feeder supply included 44% and 43% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 598 pounds brought $163 to $178 and feeder steers 654 to 697 pounds brought $155.50 to $168.50.  Medium and Large 1 feeder heifers 501 to 539 pounds brought $150 to $160.50 and feeder heifers 746 to 748 pounds brought $156.25 to $156.50. 

Cash hogs are lower at midday with solid negotiated purchases.  The industry continues to move their desired numbers at lower prices.  The availability of market-ready barrows and gilts is more than ample.  While demand for US pork has been strong on the global market, there are long-term demand concerns, which have been adding pressure to prices. Barrows and gilts at the National Daily Direct are $.74 lower with a base range of $66 to $69 and a weighted average of $67.22; the Iowa/Minnesota and the Western Corn Belt both had a weighted average of $68.70. The Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with light demand for light to moderate offerings $48 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $48.  Boars ranged from $20 to $25 and $9 to $15. 

Pork values are lower at midday – down $1.07 to $104.99.  Loins, ribs, and picnics were all sharply lower.  Hams were lower.  Butts and bellies are higher to sharply higher.