Market News

Midday cash livestock markets

Direct cash cattle trade is starting to pick up some momentum.  But there’s still just some light trade developing in Eastern Nebraska.  Deals are marked at $292 dressed, $2 higher than the prior week’s weighted averages.  Many asking prices are holding firm at $188 live in the South and $294 dressed in the North.  Buyers and sellers are in a standoff, and at this point, we’ll see who breaks first this afternoon.  Look for more business to develop throughout the day. 

Boxed beef was lower at midday on light demand for solid offerings.  Choice is $1.86 lower at $302.67 and Select is $1.80 lower at $272.54.  The Choice/Select spread is $30.13. 

At the Ogallala Livestock Auction in Nebraska, steers under 550 pounds were $10 to $20 higher, and steers over 550 pounds were $5 to $15 higher.  Heifers were steady to $8 higher, except 450 weights which were $7 lower.  The UDSA says demand was good to moderate as buyers were very interested in lighter weights for pastures.  Receipts were down on the week and the year.  Feeder supply included 69% steers and 17% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 452 to 497 pounds brought $329 to $395 and feeder steers 557 to 598 pounds brought $272 to $294.  Medium and Large 1 feeder heifers 450 to 489 pounds brought $265.50 to $277.50 and feeder heifers 555 to 593 pounds brought $251 to $265.50. 

Cash hogs are lower at midday with fairly light negotiated purchases.  With readily available supplies of market-ready hogs, packers have the upper hand.  Processors don’t have to get aggressive in their procurement efforts.  It’s likely they have met their needs for the week and it will be a relatively quiet Friday.  Demand for US pork has been relatively strong on the global market, helping provide at least some price support.  But, there are long-term demand concerns that add uncertainty to the market. Barrows and gilts at the National Daily Direct are $2.88 lower with a base range of $65 to $69 and a weighted average of $66.94.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55 in Dorchester, Wisconsin. At Illinois, slaughter sow prices were $2 higher with moderate demand for light offerings at $37 to $50.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $50.  Boars ranged from $18 to $21 and $5 to $10.

Pork values are lower at midday – down $.66 at $86.75.  Loins, hams, ribs, and bellies are all lower.  Butts and picnics are higher.