Market News

Midday cash livestock markets

It’s quiet Friday for direct cash cattle business.  So far this week, Northern dressed deals have been at mostly $264 to $265, steady to $1 higher than the prior week’s weighted average basis in Nebraska.  Southern live deals were listed at mostly $163, $1 lower than the previous week’s weighted averages.  The bulk of the week’s business has likely wrapped up, but a little more cleanup trade could still take place before the end of the day.  Asking prices for what’s left on showlists are around $165 live in the South and $266-plus dressed in the North. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $1.94 lower at $280.84 and Select is $1.18 higher at $270.07.  The Choice/Select spread is $10.77. 

At the Mitchell Livestock Auction in South Dakota, feeder steers 700 to 900 pounds were $2 to $5 higher, steers 1000 to 1050 pounds were $4 higher.  Heifers 850 to 950 pounds were $3 to $4 higher with instances of $8 higher on heifers 750 to 800 pounds.  The USDA says there were many high-quality replacement heifers offered and they were met with top dollar.  There were many large load lots in the offering and demand was good.  Receipts were up on the week and down on the year.  Feeder supply included 43% steers and 95% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 810 to 836 pounds brought $184 to $194.75 and feeder steers 862 to 897 pounds brought $176 to $187.50.  Medium and Large 1 feeder heifers 656 to 696 pounds brought $163 to $176.50 and feeder heifers 853 to 884 pounds brought $166 to $176. 

Cash hogs are lower at midday with moderate negotiated purchases.  Processors have been moving decent numbers this week, but at mostly lower prices.  From available supplies to long-term demand uncertainty, the market has been under some pretty significant pressure lately.  Processors haven’t had the need to get aggressive in their procurement efforts and bid up. Barrows and gilts at the National Daily Direct are $.32 lower with a base range of $71 to $77.50 and a weighted average of $76.18.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values are higher at midday – up $1.26 at $81.56.  Hams are sharply higher.  Picnics, loins, and butts are also higher.  Bellies were sharply lower and ribs were lower.