Market News

Midday cash livestock markets

Direct cash cattle trade is off to a typically quiet start to the week as buyers and sellers are taking inventory.  Bids and asking prices have yet to surface.  If business follows the trend of recent weeks, significant trade volume may hold out until midweek or later. The bulk of last week’s business took place on Wednesday and Thursday, with a little clean-up trade on Friday.  Live deals in the South were marked at $185 to $192, mostly $186 to $187, $1 to $2 lower than the prior week’s weighted averages.  Dressed business in the North had a full range of $300 to $306, mostly $305, $5 lower than the previous week’s weighted average basis in Nebraska.

Boxed beef is higher at midday on strong demand for solid offerings.  Choice is $2.51 higher at $315.22 and Select is $1.32 higher at $299.91.  The Choice/Select spread is $15.31. 

In Nebraska last week, yearling steers 700 to 900 pounds were $5 to $6 lower with 8-weights trading sharply lower on the week.  Yearling heifers were $3 to $10 lower.  The USDA says demand was mostly moderate.  There has been a sharp decline in cattle futures recently causing buyers to pull back, too.  Receipts were down on the week and the year.  Feeder supply included 53% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 913 to 947 pounds brought $239.25 to $251.35 and feeder steers 1009 to 1019 brought $237.75 to $243.25.  Medium and Large 1 feeder heifers 800 to 840 pounds brought $227 to $244.25 and feeder heifers 915 to 922 pounds brought $246 to $250. 

Cash hogs were not reported at midday due to packer submission problems.  Overall, processors haven’t been very aggressive in their procurement efforts to start the week and haven’t had to bid up to move needed numbers.  Demand for U.S. pork on the global market has held relatively strong, and that’s been helping provide price support.  Domestic demand has struggled, creating some uncertainty in the market.  The industry continues to monitor the availability of market-ready hogs and hog weights.

Butcher hog prices at the Midwest cash markets are $2 higher in Dorchester, Wisconsin at $60 and steady in Garnavillo, Iowa at $69. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $57.  Barrows and gilts were steady with moderate demand for moderate offerings at $48 to $58.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were higher at midday – up $2.20 at $100.86.  Bellies were sharply higher.  Loins, butts, and ribs were also higher.  Picnics and hams were lower.b