Market News

Midday cash livestock markets

There’s another round of scattered, light direct cash cattle trade following Tuesday’s active day.  Deals in Nebraska are at $146 live and $236 dressed.  Both are well above the week’s previous business and last week’s weighted averages.  Asking prices are around $142 to $143 live in the South and $234-plus dressed in the North.  Additional trade will likely take place over the balance of the week.  On Tuesday there was a light to moderate trade that took place in the South at $139 to $141, mostly $140, which is $1 higher than last week’s weighted averages.  There was also a scattered, light trade reported late in the day in the North at $230 to $232, mostly $230, $4 higher than last week’s weighted average basis in Nebraska.  Today’s Fed Cattle Exchange had an offering of 3,052 head with 641 head sold.  In Texas, 571 head sold at $135 to $140.25, and in California, 70 head sold at $134.

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $.34 lower at $269.59 and Select is $2.40 lower at $256.81.  The Choice/Select spread is $12.78.

At the Philip Livestock Auction in South Dakota, compared to two weeks ago feeder steers 550 to 600 pounds were $6 lower, steers 650 to 700 pounds were $4 lower, steers 700 to 800 pounds were steady.  Feeder heifers 550 to 600 pounds were $2 lower, heifers 650 to 700 pounds were $5 lower, heifers 700 to 750 pounds were steady, heifers 750 to 800 pounds were $2 lower.  The USDA says demand was good for several load lots and many packages of feeder steers and feeder heifers sold on a moderate to active market.  Much of the supply carried light to moderate flesh.  There were also quite a few of Bangs vaccinated heifers as producers make drought management decisions.  Receipts were up from two weeks ago and down on the year.  Feeder supply included 58% heifers and 82% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 671 pounds brought $176 and feeder steers 931 to 947 pounds brought $147 to $152.75.  Medium and Large 1 feeder heifers 559 pounds brought $167.50 and feeder heifers 810 to 837 pounds brought $140 to $143.50. 

Cash hogs opened lower with moderate negotiated purchases.  Processors aren’t too aggressive in their procurement efforts to start the day.  The industry is keeping a close eye on the availability of market-ready hogs.  Demand for US pork on the global market and domestically has been strong.  However, there are long-term concerns and that’s adding pressure to prices. Barrows and gilts at the National Daily Direct are $.67 lower with a base range of $94 to $110 and a weighted average of $99.02.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $80.

Pork values are higher at midday – up $2.82 at $109.94.  Hams, picnics, ribs, and bellies are all higher to sharply higher.  Butts and loins are lower to sharply lower.