Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet, typical for a Monday, as buyers and sellers are readying for the week ahead.  Bids and asking prices haven’t surfaced and significant trade volume will likely be delayed until the latter half of the week. Last week, live deals in the South ranged from $181 to $185, mostly $182, $2 lower than the prior week’s weighted averages.  Dressed business in the North had a full range of $293 to $301, mostly $293, $2 to $4 lower than the previous week’s weighted average basis in Nebraska.

Boxed beef is higher at midday – on solid demand for light offerings.  Choice is $.54 higher at $301.11 and Select is $.25 higher at $295.79.  The Choice/Select spread is $5.33. 

In Iowa last week, feeder steers under 750 pounds were $8 to $10 lower and steers over 750 pounds were $2 to $6 lower.  Feeder heifers were $10 to $12 lower.  The USDA says demand was moderate to good for all weights of steers and heifers.  The best demand was on light cattle.  Receipts were up on the week and down slightly on the year.   Feeder supply included 57% steers and 74% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 552 to 598 pounds brought $270 to $330 and feeder steers 702 to 744 pounds brought $230 to $286.  Medium and Large 1 feeder heifers 652 to 697 pounds brought $228 to $256.50 and feeder heifers 700 to 748 pounds brought $210 to $250.50. 

Cash hog prices were not reported due to confidentiality.  There were very few negotiated purchases. Processors just aren’t in any hurry to get business going this week, which has been the trend recently.  Demand remains a bright spot for US pork, both on the global market and domestically as summer grilling season is right around the corner.  The industry continues to monitor the availability of market-ready hogs and hog weights, which were up again last week. 

Butcher hog prices at the Midwest cash markets are $2 lower at $52. 

Pork values were sharply higher at midday – up $3.10 at $104.30.  Bellies jumped more than $19 to start the day.  Ribs were also sharply higher.  Hams were firm.  Picnics, loins, and butts were lower to sharply lower.

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