Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet through midday.  The bulk of the week’s business has likely wrapped up.  Asking prices for what’s left on showlists are around $184-plus live and $292-plus dressed.  For the week, Northern dressed business has been at mostly $292, that’s $2 below the previous week’s weighted average basis in Nebraska.  Live deals in the South were at mostly $183, about steady with the prior week’s business. 

Boxed beef is higher at midday with good demand for moderate offerings.  Choice is $.61 higher at $309.27 and Select is $1.30 higher at $297.49.  The Choice/Select spread is $11.78.

At the Mitchell Livestock Auction in South Dakota, feeders sold on a steady to lower market.  There is some optimism.  One consignment off of grass brought top dollar.  The USDA says demand was good.  There were many large load lots in the day’s offering.  Receipts were up on the week and the year.  Feeder supply included 65% steers and 98% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 855 to 873 pounds brought $232 to $238.50 and feeder steers 922 pounds brought $249.50.  Medium and Large 1 feeder heifers 823 to 849 pounds brought $215 to $224 and feeder heifers 910 to 939 pounds brought $211.25 to $217.75. 

Cash hogs have no comparison at midday with light negotiated purchases.  The volume of business really pulled back on Thursday and is pretty today.  Not a big surprise heading into the long holiday weekend and with this week’s heat.  Processors haven’t been very aggressive in their procurement efforts.  The industry continues to monitor available supplies of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct had a base range of $75 to $78.50 with a weighted average of $76.78.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $51 to $63.  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 sharply higher at midday – up $1.52 at $97.41.  Hams and bellies were both sharply higher.  Picnics and butts are higher.  Loins and ribs are lower.