Market News
Midday cash livestock markets
Direct cash cattle trade activity has been quiet this morning following the back-to-back days of light trade. A few bids have been renewed – at $191 live in Kansas. Asking prices are around $193 to $194 live in the South and around $307-plus dressed in the North. Deals this week have had a range of $303 to $308 dressed, mostly $305, which is $2 higher than the prior week’s weighted average basis in Nebraska. Southern live deals have been marked at $191, fully steady with the previous week’s weighted averages.
Boxed beef is sharply lower and lower with light demand for solid offerings. Choice was $4.42 lower at $316.27 and Select is $.55 lower at $283.56. The Choice/Select spread was $32.71.
At the Mitchell Livestock Auction in South Dakota, feeder steers 500 to 750 pounds were unevenly steady. Steers over 750 pounds sold on a higher undertone. Heifers 500 to 700 pounds were unevenly steady and heifer over 700 pounds sold with a lower undertone. The USDA says demand was good. The offering consisted of many large load lots. Receipts were up on the week and the year. Feeder supply included 54% steers and 70% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 648 pounds brought $290 to $314 and feeder steers 708 to 748 pounds brought $272.50 to $281. Medium and Large 1 feeder heifers 654 to 685 pounds brought $252 to $277 and feeder heifers 957 to 974 pounds brought $217.85 to $226.
Cash hogs were not reported at midday due to confidentiality, with just a handful of negotiated purchases. Business overall this week has been lackluster at best. Processors haven’t been in a position where they’ve had to get aggressive in their procurement efforts. This could likely be the story for the remainder of the year. The industry is looking ahead to next week’s Quarterly Hogs and Pigs report. And it continues to monitor demand, both on the global market and domestically. The five-day rolling average for barrows and gilts at the National Daily Direct is $79.61; it’s $79.74 for both the Iowa/Minnesota and the Western Corn Belt.
Butcher hog prices at the Midwest cash markets are steady at $52.
Pork values were sharply higher at midday – up $2.15 at $98.30. Bellies jumped more than $13 to start the day. Ribs, picnics, and butts were also higher. Loins were lower and hams were sharply lower.
Add Comment