Market News

Midday cash livestock markets

There’s a light direct cash cattle trade taking place in parts of cattle country.  Live deals in Kansas are marked at $167, $4 higher than the prior week’s weighted averages.  Dressed deals in Nebraska are at $270, $5 higher than the previous week’s weighted average basis in Nebraska.  Asking prices are at $167 to $168 live in the South and $271-plus dressed in the North. 

Boxed beef was lower at midday on light demand for light offerings.  Choice was $1.04 lower at $297.25 and Select was $.56 lower at $268.34.  The Choice/Select spread was $10.91. 

At the Hub City Livestock Auction in South Dakota, steers 600 to 650 pounds were steady to $2 higher, steers 651 to 950 pounds brought $4 to $8 higher, except 750 to 800 pounds were steady to $1 higher.  The best test on heifers 600 to 750 pounds were $7 to $10 higher.  The USDA says demand was good to very good for the large offering which included loads and packages of home-raised cattle and several strings of backgrounded cattle.  Grass-type cattle continue to be in high demand as grass conditions are expected to improve.  Quality was similar to the previous week, mostly average to attractive.  Flesh varied from light to heavy.  The market was active and got stronger throughout the day.  Receipts are up on the week and the year.  Feeder supply included 62% steers and 86% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 739 pounds brought $204 to $219 and feeder steers 950 to 998 pounds brought $179.25 to $197.50.  Medium and Large 1 feeder heifers brought 606 to 648 pounds brought $191.25 to $208.25 and feeder heifers 700 to 747 pounds brought $184 to $197.50. 

Cash hogs are about steady at midday with very light negotiated purchases.  It’s been a lackluster week for cash hog business.  The availability of market-ready hogs is keeping packers in the driver’s seat when it comes to business.  They’ve been able to move their desired numbers without having to get aggressive and bid up.  The latest export sales report showed a decline.  Demand overall has held relatively strong on the global market and domestically, but concerns continue that any setback to the global economy could weaken demand and pressure prices. Barrows and gilts at the National Daily Direct were $.20 higher with a base range of $68 to $76 and a weighted average of $75.56.  Prices at the regional direct markets were not reported due to confidentiality. 

Pork values were lower at midday – down $.71 at $79.55.  Loins, butts, and bellies were all lower.  Hams were about steady.  Picnics and ribs were higher.