Market News
Midday cash livestock markets
There’s some light direct cash cattle trade underway. The expectation was for business to push higher again this week, and it did not disappoint. Live deals in the South are starting off at $208, that’s $6 to $7 higher than the previous week’s weighted averages. Asking prices have been at $210+ live. Trade has yet to develop in the North, but bids have surfaced at $330 dressed.
Boxed beef is lower and sharply lower at midday on light demand for moderate offerings. Choice is $1.68 lower at $328.86 and Select is $4.23 lower at $316.44. The Choice/Select spread is $12.42.
At the Bassett Livestock Auction in Nebraska, compared to two weeks ago feeder steers 500 to 800 pounds were $3 to $8 higher. Comparable heifer offerings at 500 pounds were $10 higher, heifers 600 to 650 pounds were $5 to $14 higher. The USDA says demand was good with several buyers in house and online. Receipts were down from two weeks ago, but up on the year. Feeder supply included 56% steers and 64% of the offering was over 600 pounds. Medium and Large 1 feeder steers 602 to 644 pounds brought $339 to $355.25 and feeder steers 702 to 739 pounds brought $311 to $328. Medium and Large 1 feeder heifers 601 to 646 pounds brought $301.50 to $329 and feeder heifers 651 to 698 pounds brought $292 to $315.50.
Cash hogs were not reported at midday, with a handful of negotiated purchases. After the solid start to the week’s business, the market has tempered a bit. Demand for U.S. pork on the global market has been strong, pushing processors to be more aggressive in their procurement efforts. The industry continues to monitor the talks about tariffs on Mexico, Canada, and China, which could go into effect as early as Saturday. That would likely cause some demand disruption. Supplies of market-ready hogs appear to be ample, which is good news as the slaughter pace has been steady. The five-day rolling average for the National Daily Direct is $83 and it is $83.34 at both the Iowa/Minnesota and the Western Corn Belt.
Butcher hog prices at the Midwest cash markets are $1 higher at $58.
Pork values were weak at midday – down $.12 at $93.19. Bellies were sharply lower. Ribs and hams were lower. Butts, picnics, and loins were all higher.
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