Market News

Midday cash livestock markets

Direct cash cattle trade is still relatively quiet.  Another round of deals were reported in Nebraksa at $184 live and $292 dressed.  Bids have surfaced at $182 to $184 live and $292 to $294 dressed.  Asking prices are $184 to $186 on the live basis in the south with bids of $182 in Texas. Packer inquiry should continue to improve as the day goes on, but widespread trade might wait until Friday. There was some scattered business reported Wednesday at $184 to $185 live, $1 to $2 higher than last week’s business and $292 dressed, $1 lower than the prior week.  Neither are enough to establish an accurate price trend. The USDA says beef export sales of 17,200 tons were up 8% on the week, but down 4% from the four-week average, primarily to Japan, China, and South Korea.

Boxed beef was mixed at midday on light to moderate demand for solid offerings.  Choice is $.94 higher at $308.23 and Select is $1.09 lower at $296.54.  The Choice/Select spread is $11.69. 

At the Winter Livestock Auction in Kansas, compared to the previous week, feeder steers and heifers were mostly higher. Steers 650-to-800-pound were $3 higher, and steers weighing more than 800 pounds were $5 higher.  Heifers over 500 pounds were $3 higher. Feeder steers and heifers under 500 pounds were not well tested. The USDA says demand was moderate to good for a moderate supply, with receipts down on the week but up on the year. 57% of the feeder offering were heifers and 96% of all feeder cattle weighed more than 600 pounds. Medium and Large 1 feeder steers averaging 777 pounds ranged from $239 to $257, and steers averaging 870 pounds brought $235 to $246.50. Medium and Large 1 feeder heifers weighing 700 to 800 pounds were reported at $233 to $242 and 800-to-900-pound heifers sold at $214.75 to $230.50.

Cash hogs were not reported at midday due to confidentiality.  It’s been a lackluster week of business and it looks like a lot of buyers have the needed near-term numbers in hand ahead of the upcoming holiday weekend. The heat this week has likely contributed to the sluggish business as well.  The USDA says pork export sales of 42,200 tons were up sharply from the previous week’s marketing year low and 59% larger than average, mainly to Mexico, China, and South Korea. The five-day rolling average at the National Daily Direct is $80.35.  It’s $89.98 at the Iowa/Minnesota and the Western Corn Belt, and $79.79 for the Eastern Corn Belt.

Butcher hogs at the Midwest cash markets are steady at midday. At Illinois, slaughter sow prices were steady with moderate demand for moderate to heavy offerings at $53 to $65.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $18 to $28 and $8 to $15 

Pork values were weak at midday – down $.33 at $94.95.  Butts, ribs, and hams were lower.  Bellies, loins, and picnics were higher.