Market News

Midday cash livestock markets

It’s a quiet Friday for direct cash cattle trade activity.  The bulk of the week’s business has likely wrapped up, but some cleanup trade could trickle in before the end of the day.  Asking prices are around $184 to $186 live in the South and $295-plus dressed in the North.  For the week, Southern live deals were marked at $183, $2 lower than the previous week’s weighted averages.  Northern dressed business has had a wide range of $290 to $295, mostly $293, $5 below the prior week’s weighted averages. 

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $2.37 higher at $318.36 and Select is $.35 higher at $302.38.  The Choice/Select spread is $15.98. 

At the Valentine Livestock Auction in Nebraska, no recent test was available, so a trend is not available for steers and heifers.  The USDA says demand was moderate to good with several buyers in house and some light online-bidding.  Receipts were up from the most recent sale and down on the year.  Feeder supply included 47% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 850 to 885 pounds brought $244 to $253.50 and feeder steers 901 to 943 pounds brought $235.50 to $247.50.  Medium and Large 1 feeder heifers 756 to 796 pounds brought $234.50 to $253 and feeder heifers 853 to 896 pounds brought $232.25 to $235.75. 

Cash hogs are lower at midday with moderate negotiated purchases. Processors are able to move needed numbers without having to get too aggressive in their procurement efforts.  The industry continues to monitor the availability of market-ready hogs and hog weights as it watches the balance of supply and demand.  This week’s export sales was lackluster at best, but demand overall for U.S. pork on the global market has been solid, helping provide some price support.  Domestic demand continues to struggle and consistency is needed there. Barrows and gilts at the National Daily Direct are down $2.92 with a base range of $72 to $82 and a weighted average of $80.44; the Iowa/Minnesota and the Western Corn Belt have no comparison but weighted averages of $80.98; the Eastern Corn Belt has a weighted average of $79.79. 

Butcher hog prices at the Midwest cash markets are steady at $66 in Dorchester, Wisconsin and Garnavillo, Iowa and at $55 in Red Oak, Iowa. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $53 to $65.  Barrows and gilts were steady with moderate demand for moderate offerings at $47 to $57.  Boars ranged from $18 to $28 and $8 to $15.

Pork values were higher at midday – up $2.86 at $99.29.  Hams were sharply higher.  Bellies, picnics, and butts were also higher.  Ribs and loins were lower.