Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet to start the week.  Bids and asking prices have yet to be established.  It’s likely significant trade volume will hold out until the latter half of the week.  There was a light trade that took place throughout last week, mostly on Thursday, with a handful of deals on Friday.  Live deals in the South were marked at $180 to mostly $181, $2 lower than the prior week’s weighted averages.  Northern dressed business ranged from $286 to $289, mostly $288, $2 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef is higher at midday with good demand for moderate offerings.  Choice is $.20 higher at $309.61 and Select is $3.94 higher at $300.06.  The Choice/Select spread is $9.55. 

In Nebraska last week, new crop spring calves were too lightly tested.  Yearling steers and heifers were steady to $6 higher, except 900-pound heifers, which were $3 lower.  The USDA says demand was moderate for lightweight calves and good for yearling feeders.  Feedlots are looking for yearlings and that helped provide some price support.  Receipts were up on the week and the year.  Feeder supply included 61% steers and 95% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 853 to 897 pounds brought $236 to $254.50 and feeder steers 901 to 948 pounds brought $232.50 to $252.50.  Medium and Large 1 feeder heifers 713 to 748 pounds brought $235 to $254 and feeder heifers 801 to 846 pounds brought $222 to $234.50. 

Cash hog prices were not reported at midday due to confidentiality.  After last week’s solid business, processors appear to be sluggish to get under way this week.  Continued strong demand for U.S. pork on the global market is helping provide price support.  But long-term concerns about domestic demand create additional uncertainty. The industry also continues to monitor the availability of market-ready hogs and hog weights. The 5-day rolling average at the National Daily Direct is $78.14; it’s $77.88 at the Iowa/Minnesota; the rolling average is $78.61 at the Western Corn Belt; and it’s $76.34 for the Eastern Corn Belt. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady 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 higher at midday – up $1.78 at $97.88.  Picnics, loins, ribs, butts, and bellies were all sharply higher.  Hams were sharply lower.