Market News

Midday cash livestock markets

Direct cash cattle trade is relatively quiet following the active day on Thursday.  The lone bid to have surfaced is in Kansas at $188 live.  Asking prices remain firm at $306 dressed and $188 to $190 live in the South.  Look for at least a little more business to develop before the end of the day. Southern live deals were at mostly $187, $1 higher than the previous week’s weighted averages.  Northern dressed business had a full range of $300 to $304, steady to $5 higher than the prior week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday with solid demand for solid offerings.  Choice is $1.72 higher at $311.56 and Select is $1.70 higher at $301.78.  The Choice/Select spread is $9.78. 

At the Valentine Livestock Auction in Nebraska, demand was very good, with several buyers present.  The market was active.  Receipts were up from the most recent sale and on the year.  Feeder supply included 52% steers and 48% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 548 pounds brought $352 to $368.50 and feeder steers 662 to 693 pounds brought $292 to $322.50.  Medium and Large 1 feeder heifers 500 to 540 pounds brought $347 to $359 and feeder heifers 609 to 635 pounds brought $289 to $299.50. 

Cash hogs have no comparison at midday with light negotiated purchases.  It’s a slow start to Friday for the cash hog market.  Processors haven’t had to be as aggressive in their procurement efforts this week to move needed numbers.  While demand for US pork on the global market is strong and domestic demand has seen an uptick, production efficiency ensures there is plenty of pork available.  Supplies of market-ready hogs are ample and hog weights are about 4 pounds above year-ago levels. Barrows and gilts at the National Daily Direct have no comparison with a base range of $86 to $88 and a weighted average of $86.88.  Prices at the Regional Directs were not reported due to confidentiality. 

Midwest butcher hog markets are closed today.

Pork values were higher at midday – up $.78 at $99.47.  Sharply lower bellies were offset by sharply higher hams and higher picnics, butts, ribs, and loins.

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