Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to its typically quiet start as buyers and sellers are busy readying for the week ahead.  Bids and asking prices have yet to be established.  Significant trade volume will likely hold out until the latter half of the week.  Business last week took place primarily on Thursday and Friday with dressed deals in the North at mostly $292 to $294, $2 to $4 higher than the prior week’s weighted average basis.  Live deals in the South were at mostly $185, $2 higher than the previous week’s business. 

Boxed beef is mixed at midday on light to moderate demand for fairly light offerings.  Choice is $1.48 higher at $308.52 and Select is $.21 lower at $297.22.  The Choice/Select spread is $11.30.

In Nebraska last week, lightweight steers 400 to 700 pounds were steady to $6 higher and steers over 700 pounds were $2 to $5 higher.  Heifers under 700 pounds were steady to $3 higher.  Seven weight heifers were $8 higher and heifers over 800 pounds were steady to $4 higher.  While receipts were much lighter than the previous week, the USDA says demand was good to very good.  Feeder supply included 48% steers and 69% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 599 pounds brought $319 to $339 and feeder steers 600 to 639 pounds brought $290 to $326.  Medium and Large 1 feeder heifers 651 to 699 pounds brought $245.50 to $273.50 and feeder heifers 700 to 749 pounds brought $239 to $254.25. 

Cash hogs are higher at midday with very light negotiated purchases.  While processors are starting the week off a bit more aggressive in their procurement efforts, it’s a relatively slow start to the week in terms of numbers.  Demand for US pork on the global market has been strong and that’s been beneficial to prices.  But there are long-term demand concerns.  The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $2.47 higher with a base range of $75.50 to $78 and a weighted average of $76.35.  No comparisons at the Iowa/Minnesota or the Western Corn Belt but weighted averages of $76.35.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $3 higher at $58. 

Pork values were sharply higher at midday – up $3.65 at $95.76.  Bellies, hams, loins, and ribs were solidly higher.  Picnics and butts were also higher.