Market News

Midday cash livestock markets

Direct cash cattle trade activity has been quiet.  Bids have resurfaced in the South at $188 live.  The rest of cattle country has been quiet.  Asking prices are around $190-plus live in the South and $312-plus in the North.  Look for at least a little more business to develop before the end of the day.  There was a light trade that developed on Thursday across most areas.  Southern live deals were marked at mostly $188, $2 below the previous week’s weighted averages.  Northern dressed business was at mostly $310, also $2 lower than the prior week’s weighted averages basis in Nebraska. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $.76 higher at $313.55 and Select was $.77 lower at $296.69.  The Choice/Select spread is $16.86. 

At the Valentine Livestock Auction in Nebraska, there were several loads of Sandhill home-raised offerings off grass.  The USDA says demand was good with several buyers in the crowd.  Receipts were up from the most recent sale, but down on the year.  Feeder supply included 86% steers and 95% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 872 to 879 pounds brought $266.50 to $272.50 and feeder steers 1000 to 1019 pounds brought $237.25 to $249.25.  Medium and Large 1 feeder heifers 631 to 648 pounds brought $290 to $294.50 and feeder heifers 746 pounds brought $257. 

Cash hogs were not reported at midday, with just a handful of negotiated purchases.   There was some pretty impressive business that took place in the first half of the week as processors were more aggressive in their procurement efforts and bid up to move needed numbers.  The pullback today isn’t a big surprise.  Demand for U.S. pork on the global market remains strong, that’s helping provide some price support.  Hog weights have declined over the summer months, but are still running well above year-ago levels and with ample supplies of market-ready hogs there will be plenty of pork available.  

The 5-day rolling average for barrows and gilts at the National Daily Direct is $85.14; it’s $85.80 for the Iowa/Minnesota; $85.71 at the Western Corn Belt; and $84.66 for the Eastern Corn Belt.

At Illinois, slaughter sow prices were steady, with moderate demand for light offerings at $43 to $55.  Barrows and gilts were steady, with moderate demand for moderate offerings at $49 to $59.  Boars ranged from $18 to $28 and $8 to $15.

Pork values were higher at midday – up $2.89 at $108.75.  Bellies jumped more than $20 to start the day.  Hams were also higher.  Rbis, butts, picnics, and loins were lower.