Market News

Midday cash livestock markets

Direct cash cattle trade is underway.  Deals in the South are at $132 live, $3 higher than last week’s weighted averages.  Dressed deals in Nebraska are at $207, $4 higher than last week’s weighted average basis in Nebraska.  Asking prices are firm at $133 to $134 live in the South and $206 plus dressed in the North.  Today’s Fed Cattle Exchange had an offering of 1,866 head, of which 741 actually sold at $131. 

Boxed beef was lower to sharply lower at midday on light demand for strong offerings.  Choice is $.09 lower at $287.71 and Select is $3.18 lower at $267.55.  The Choice/Select spread is $20.27. 

At the Philip Livestock Auction in South Dakota, compared to last week, feeder steers under 450 pounds were steady to $4 higher, while steers in the rest of the weight classes ranged anywhere from $2 lower to $8 lower.  Feeder heifers under 400 pounds were $6 lower with heavier weight heifers range from $3 lower to $10 lower.  The USDA says demand was very good for several long strings and many load lots and packages of feeder steers and feeder heifers, all of which sold on an active market.  Much of the offering was home raised with both spring and fall vaccinations, and carried light to moderate flesh.  Receipts were down on the week and the year.  Feeder supply included 58% steers and 17% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 503 to 544 pounds brought $168 to $185.50 and feeder steers 555 to 595 pounds brought $164 to $177.50.  Medium and Large 1 feeder heifers 507 to 549 pounds brought $149 to $156 and feeder heifers 552 to 583 pounds brought $151 to $157.50. 

Cash hogs are about steady at midday with solid negotiated purchases.  Packers haven’t had to be aggressive in their procurement efforts and have been able to move their desired numbers without having to bid up.  Demand for US pork on the global market has been strong, while that is expected to continue, there are long-term demand concerns which is putting some pressure on prices.  Barrows and gilts at the National Daily Direct are $.01 lower with a base range of $55 to $60 and a weighted average of $58.04, both the Iowa/Minnesota and the Western Corn Belt had weighted average of $58.20.  The Eastern Corn Belt was 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 very heavy offerings at $58 to $68.  Barrows and gilts were steady to $1 lower with moderate demand for moderate offerings at $34 to $42.  Boars ranged from $15 to $25 and $10 to $20. 

Pork values are higher at midday – up $1.51 at $94.06.  Hams were up nearly $12 at midday.  Bellies, picnics, and butts were also higher to sharply higher.  Ribs and loins were sharply lower.