Market News

Midday cash livestock markets

Direct cash cattle business is at a standstill. There was very light trade in the north Thursday at $154 live and $248 dressed, not enough to establish a trend. Asking prices are $158 to $160 live and $252+ dressed and with bids at $248 dressed and while bids are still hard to come by packer inquiry will improve as the day goes on. Many of the major feedlot areas saw another blast of very cold temperatures to end the week and high feed costs are a continued concern for the industry.

Boxed beef at midday was mixed with light to moderate movement. Choice was down $.20 at $264.90 and Select beef was up $.12 at $253.78 for a spread of $11.12.

At the Ogallala Livestock Auction feeder cattle sale in Nebraska, compared to the previous week, steers were $5 to $10 higher, while heifers weighing less than 600 pounds were up $5 to $15 and heifers weighing more than 600 pounds were $5 to $6 higher. The USDA says demand was good for a nice offering, with receipts up on the week and the year. 51% of the offering were heifers and 64% of the total run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds brought $196.50 to $223.50 and 700-to-800-pound steers were reported at $175 to $203. Medium and Large 1 feeder heifers weighing 600 to 700 pounds sold at $170.50 to $197.50 and 700-to-800-pound heifers ranged from $160 to $179.

Cash hogs are steady to lower with moderate opening negotiated numbers at the major direct markets. After a few days of mostly higher activity, it looks like many buyers have the needed near-term numbers in hand, allowing them to either hold bids or cut back on spending, at least for the time being. Inconsistent wholesale business and concerns about sustained pork demand continue to hang over the market.

National direct barrows and gilts opened $.21 lower with a base price range of $70 to $77 for a weighted average of $72.65, while Iowa/Southern Minnesota was down $2.24 and the Western Corn Belt was $2.03 lower, with both averaging $73.07.

Butcher hogs at the Midwest cash markets are steady at $60 in Dorchester, Wisconsin, $66 in Garnavillo, Iowa, and $52 in Red Oak, Iowa. Illinois direct sows are steady at $30 to $42 on moderate demand and offerings. Barrows and gilts are steady at $54 to $64, also with moderate demand for moderate offerings. Boars range from $10 to $20.

Pork at midday was down $2.30 at $79.20. Loins, picnics, and bellies were modestly to sharply lower, while butts, ribs, and hams were firm to higher.