Market News
Midday cash livestock markets
Direct cash cattle trade activity is off to another very quiet start to the week. Typical for a Monday as buyers and sellers are preparing for the week ahead. Bids and asking prices have yet to be established. Significant trade volume will likely hold out until the latter half of the week, especially with Friday’s Cattle on Feed report. Last week, deals in the North had a wide range of $295 to $311, but the bulk of the week’s business ranged from $302 to $305, $5 to $8 higher with the prior week’s weighted average basis in Nebraska. Live deals in the South were at mostly $191 to $192, steady to $2 higher than the prior week’s weighted averages.
Boxed beef is mixed at midday with light to very good demand for light offerings. Choice is $.72 lower at $315.67 and Select is $5.71 higher at $289.57. The Choice/Select spread is $26.10.
In Iowa last week, fly-weight steers were sharply higher. Steers under 600 pounds were $10 to 15 higher, steers more than 600 pounds were $3 to $6 higher. Heifers less than 500 pounds were sharply higher and heifers over 500 pounds were $3 to $9 higher. The USDA says demand was good for feeder cattle. Receipts were down on the week, but up on the year. Feeder supply included 56% steers. Medium and Large 1 feeder steers 601 to 649 pounds brought $279 to $322.50 and feeder steers 701 to 747 pounds brought $231 to $286.25. Medium and Large 1 feeder heifers 555 to 597 pounds brought $262 to $312.50 and feeder heifers 600 to 647 pounds brought $250 to $287.
Cash hogs are higher at midday with solid negotiated purchases. Processors are getting a jump on the week’s business and are more aggressive in their procurement efforts. Demand for U.S. pork on the global market has been strong, which helps provide overall price support. But domestic demand has been uncertain. The industry continues to monitor the availability of market-ready hogs and is looking to next week’s Quarterly Hogs and Pigs report.
Barrows and gilts at the National Daily Direct were $1.38 higher with a base range of $77 to $80 and a weighted average of $79.74; the Iowa/Minnesota has no comparison but a weighted average of $79.74; the Western Corn Belt is $.48 higher with a weighted average of $79.74. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $52.
At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $34 to $46. Barrows and gilts were $2 lower with moderate demand for moderate offerings at $48 to $58. Boars ranged from $20 to $30 and $15 to $25.
Pork values were higher at midday – up $2.47 at $97.08. Ribs and bellies were both sharply higher. Hams, loins, butts, and picnics were also higher.
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