Market News

Midday cash livestock markets

Direct cash cattle trade is relatively quiet following the very active day on Thursday which resulted in sharply higher prices.  Deals in the North were marked at mostly $292, $8 higher than the previous week’s weighted average basis in Nebraska.  Live deals in the South had a range of $175 to $180, mostly $178 to $180, $7 to $9 higher than the prior week’s weighted averages.  Some bids have been renewed to $292 dressed.  Asking prices for what is left on showlists are around $182-plus live in the South and $295 dressed in the North.  The bulk of the week’s business has likely wrapped up, but a few clean-up deals could take place before the end of the day. 

Boxed beef is sharply higher at midday on solid demand for moderate offerings.  Choice is $2.17 higher at $308.61 and Select is $3.93 higher at $290.25.  The Choice/Select spread is $18.36. 

At the MO-Kan Livestock Market in Missouri, steers and heifers 400 to 650 pounds were $5 to $15 higher.  Other classes were steady to $5 higher.  The USDA says demand was good to very good for reputation groups of quality cattle.  Supply was moderate.  Receipts were up on the week and the year.  Feeder supply included 54% steers and 41% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 505 to 547 pounds brought $256 to $284.50 and feeder steers 600 to 646 pounds brought $254 to $264.  Medium and Large 1 feeder heifers 505 to 547 pounds brought $233.50 to $249.50 and feeder heifers 611 to 626 pounds brought $227 to $241.50. 

Cash hogs are sharply lower at midday with moderate negotiated purchases.  The pullback at the end of the week isn’t a surprise after the huge runs on Wednesday and Thursday.  Processors don’t appear to have an appetite for hogs and won’t bid up to move needed numbers.  While export sales were down this week, overall, demand has been relatively strong on the global market and that’s helping to keep prices supported.  The industry continues to monitor the availability of market-ready hogs.   Barrows and gilts at the National Daily Direct are $4.21 lower with a base range of $77 to $87 with a weighted average of $81.37 and the Western Corn Belt is $1.79 lower with a weighted average of $86.08.  Prices at the Iowa/Minnesota and Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $10 to $20.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $15 to $25 and $5 to $10. 

Pork values are weak at midday – down $.09 at $85.59.  Butts were sharply lower.  Loins and picnics were lower.  Hams, bellies, and ribs were higher.