Market News

Midday cash livestock markets

Direct cash cattle trade activity is relatively quiet through midday.  A few bids in Nebraska have been renewed at $157 dressed.  Asking prices are $97 to $98 live in the South and $158 to $160 dressed in the North.  Trade could be wrapped up in the South for the week, but there’s still expectations that more business will develop in the North. 

Boxed beef is steady to weak at midday with light demand for light offerings.  Choice is $.06 lower at $200.74 and Select is $.87 lower at $190.43.  The Choice/Select spread is $10.31. 

At the Farmers and Ranchers Livestock Auction in Kansas, compared to last week steers 750 to 1000 pounds were $2 to $8 higher and steers 750 pounds and under had a higher undertone noted.  Heifers 700 to 1000 pounds were $1 to $3 higher and heifers 700 pounds and under had a higher undertone noted.  The USDA says demand was good and the trade was active.  Receipts were up on the week and the year.  Feeder supply included 54 percent steers and 88 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 750 to 792 pounds brought $140 to $149.75 and feeder steers 819 to 849 pounds brought $134.75 to $141.50.  Medium and Large 1 feeder heifers 665 to 695 pounds brought $133 to $142 and feeder heifers 756 to 793 pounds brought $131 to $134. 

Cash hogs opened steady with moderate negotiated numbers.  Supplies of market-ready hogs are heavy and processors are doing their best to keep the supply chain moving and work through the backlog of hogs that are still in the production system.  Demand uncertainty isn’t helping the price situation and they’re still struggling to move higher.  Barrows and gilts at the National Daily Direct are $.03 higher with a base range of $29.75 to $33 for a weighted average of $31.46; the Iowa/Minnesota is $.02 lower for a weighted average of $31.63; the Western Corn Belt is $.06 higher for a weighted average of $31.63.  The Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were weak with good demand for light to moderate offerings at $9 to $20.  Barrow and gilt prices were steady with good demand for moderate to heavy offering at $14 to $22.  Boars ranged from $1 to $3. 

Pork values are sharply higher at midday – up $5.52 at $72.87.  Picnics are up more than $14 and ribs jumped more than $11 to start the day.  Bellies, hams, and loins are all sharply higher.  Butts are steady.