Market News

Midday cash livestock markets

Direct cattle business is off to a typically quiet start to the week as buyers and sellers are busy taking inventory.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until the latter half of the week. Deals last week took place on mostly Thursday and Friday.  Live deals were at $190 live in Nebraska and Iowa at mostly $190, $2 to $3 lower than the prior week’s weighted averages.  Dressed business had a full range of $293 to $301, mostly $298.  That’s $6 below the prior week’s weighted averages. Live deals in the Kansas and Texas were at mostly $185, $1 to $2 below the previous week’s weighted averages. 

In Nebraska last week, most yearlong steers were $3 to $9 lower.  Heifers less than 800 pounds were $10 lower and heifers weighing more than 800 pounds were fully steady.  The USDA says demand was moderate to good.  There was a wide variety of kind and condition offered.  Some yearlings came out of backgrounding operations and others off grass.  The market overall was good considering the recent steep decline in the futures market.  Receipts were down from the most recent weeks and down on the year.  Feeder supply included 75% steers and 97% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 956 to 983 pounds brought $228.25 to $239 and feeder steers 1006 to 1025 brought $227.75 to $231.  Medium and Large 1 feeder heifer 909 to 948 pounds brought $222.50 to $230.50 and feeder heifers 957 to 990 pounds brought $222 to $225.  

Boxed beef is lower at midday with light demand for moderate offerings.  Choice is $.70 lower at $316.75 and Select is $.78 lower at $301.81.  The Choice/Select spread is $14.94.  

Cash hogs were not reported at midday due to confidentiality with just a handful of negotiated purchases.  Processors are easing into the week’s business, and aren’t aggressive in their procurement efforts.  Demand for U.S. pork on the global market is strong, and that has been helpful in providing price support.  There continues to be some long-term domestic demand uncertainty, which adds pressure to prices.  The 5-day rolling average for barrows and gilts at the National Daily Direct are $83.82.  

At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $51 to $63.  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.  Butcher hog prices at the Midwest cash markets are steady at $69. 

Pork values are higher at midday – up $.25 at $98.92.  Ribs and butts are sharply higher.  Picnics, bellies, and loins are all higher.  Hams are lower.