Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet as buyers and sellers prepare for the week ahead.  Bids and asking prices won’t likely be established today, and significant trade volume isn’t expected until the back half of the week.  Last week, Northern dressed business had a full range of $287 to $300, mostly $290, $3 lower than the previous week’s weighted averages.  Live deals in Kansas and Texas were at $185, $2 lower than the prior week’s weighted averages. 

Boxed beef is mixed at midday with strong and light demand on moderate offerings.  Choice is $4.48 higher at $307.82 and Select is $1.09 lower at $275.05.  The Choice/Select spread is $32.77.

In Nebraska last week, steers less than 500 pounds were fully steady, steers 500 to 800 pounds were $7 to $9 higher, and steers over 800 pounds were steady.  Heifers under 800 pounds were $2 to $5 higher and heifers over 800 pounds were steady to $3 higher on a thin test.  The USDA says demand was moderate to good for calves, feeders, and bred heifers and cows.  Receipts were down on the week and the year.  Feeder supply included 68% steers and 34% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $280 to $330 and feeder steers 600 to 649 pounds brought $282 to $312.50.  Medium and Large 1 feeder heifers 500 to 547 pounds brought $261 to $313 and feeder heifers 601 to 648 pounds brought $241 to $276. 

Cash hogs are firm at midday with very light negotiated purchases.  Processors are typically slow to start the week’s business.  Very much taking a “wait and see” approach as they gauge retail buying interest.  Demand for U.S. pork on the global market has been strong, which has been helping provide some price support, but domestic demand has been inconsistent, which creates uncertainty in the market.  The industry is monitoring the availability of market-ready hogs, as it appears supplies may be tighter than estimated. Barrows and gilts at the National Daily Direct are $.25 higher with a base range of $78 to $84 and a weighted average of $83.12.  Prices at the Regional Direct Markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values were weak at midday – down $.08 at $97.03.  Ribs, bellies, hams, and butts were all lower.  Picnics were firm and loins were higher.