Market News

Midday cash livestock markets

A light round of direct cash cattle business is underway.  Dressed deals in Nebraska are at $288, about steady with the previous week’s weighted averages; live deals are marked at $182.  Asking prices are firm around $182-plus live in the South, but still haven’t been fully established in the North.  There was a handful of trade reported Thursday.  Southern live deals were at $181 live, generally steady with the previous week’s weighted averages.  Dressed business in Nebraska Thursday ranged from $293 to $294, $5 to $6 higher than the prior week’s weighted average basis in Nebraska.  More business is expected in the North before the end of the day.

Boxed beef is lower at midday on light demand for moderate offerings.  Choice is $2.11 lower at $305.07 and Select is $.84 lower at $294.80.  The Choice/Select spread is $10.27.

At the Valentine Livestock Auction in Nebraska, steers 700 to 1000 pounds were $4 to $10 higher, except 900-pound steers, which were steady.  The USDA says demand was good with several buyers participating.  Receipts were up on the week and the year.  Feeder supply included 70% steers and 97% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 813 to 840 pounds brought $247 to $265 and feeder steer 922 to 949 pounds brought $245.75 to $250.75.  Medium and Large 1 feeder heifers 653 to 679 pounds brought $253.50 to $268 and feeder heifers 720 to 726 pounds brought $264 to $265. 

Cash hogs are lower at midday with very light negotiated purchases.  Processors have been moving decent sized runs much of the week and have been doing so at lower prices.  While there has been some price support in the market from the strong global demand for U.S. pork, concerns about long-term domestic demand creates some uncertainty.  The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are down $.78 with a base range of $75 to $76 and a weighted average of $75.94.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for light 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 $.24 at $93.94.  Bellies and loins were both lower.  Hams, butts, ribs, and picnics were higher.