Market News

Midday cash livestock markets

It appears direct cash cattle business is setting the groundwork to have another wild and record-breaking week.  Another round of light trade is underway with deals in Nebraska marked at $190 live, $4 higher than last week’s business, and $300 dressed, $10 higher.  Bids across cattle country are around $181 live in the South and $190 live in the North and $295 dressed in the North.  Asking prices are around $183-plus live in the South and $300-plus dressed in the North.  There was some light trade reported in the North on Tuesday with steers ranging from $290 to $300 dressed, steady to $10 higher than the prior week’s weighted average basis in Nebraska.  Some live deals in the North were reported at $188 to $190, $2 to $4 higher.  There were also a handful of deals reported in Texas at $182 live, $5 higher than the previous week’s business. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $2.37 higher at $323.77 and Select was $1.29 higher at $300.73.  The Choice/Select spread is $23.04. 

At the Ozarks Regional Stockyards in Missouri, feeder steers and heifers were $10 to $15 higher.  Steer and heifer calves were $6 to $12 higher with spots of $20 higher.  The USDA says demand was very good on a heavy supply.  A couple of standout drafts this week: heifers 542 pounds brought $267 and steers 841 pounds brought $224.75.  Receipts were up from the most recent sale and on the year.  Feeder supply included 54% steers and 35% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 535 pounds brought $285 to $292.50 and feeder steers 812 to 841 pounds brought $211.50 to $224.75.  Medium and Large 1 feeder heifers 501 to 546 pounds brought $220 to $242.50 and feeder heifers 601 to 649 pounds brought $205 to $222.50. 

Cash hogs are mixed at midday with moderate negotiated purchases.  Buyer interest from packers remains fairly strong and they are still aggressive in their procurement efforts and biding up to move needed numbers.  Demand for US pork on the global market has been strong and there is optimism domestic demand will see a boost as summer grilling season picks up.  Both could be good news to hog prices. Barrows and gilts at the National Daily Direct are $1.83 higher with a base range of $80 to $96 and a weighted average of $92.44; the Iowa/Minnesota is $.08 higher at $93.95; the Western Corn Belt is $.95 lower with a weighted average of $92.92; the Eastern Corn Belt has no comparison but a weighted average of $89.69.

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for heavy 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 firm at midday – up $.21 at $85.19.  Butts, hams, and ribs are all higher.  Picnics are about steady.  Bellies and loins are lower.