Market News

Midday cash livestock markets

A light round of direct cash cattle trade activity has started to develop.  Live deals in Nebraska are marked at $203, which is well below last week’s weighted average basis in Nebraska.  Bids have surfaced at $321 dressed in the North.  Asking prices are at $304-plus live in the South and $325-plus dressed in the North.  Look for more business to develop over the balance of the week.  So far this week, live deals in the South have been at $202 to $203, $3 to $4 lower than the previous week’s weighted averages.  Dressed deals have been at mostly $320 to $322, $5 to $7 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef is lower at midday, with light demand for light offerings.  Choice is $2.26 lower at $315.14 and Select was $1.29 lower at $308.55.  The Choice/Select spread is $6.59.   

At the Mitchell Livestock Auction in South Dakota, lightweight steers sold with an unevenly steady undertone.  Steers 750 to 1050 pounds were $1 to $6 higher.  Heifers 500 to 800 pounds were unevenly steady, and heifers 800 to 1000 pounds were $1 higher.  The USDA says demand was good.  There were a few large load lots on offer.  Receipts were down on the week and the year.  Feeder supply included 58% steers and 93% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 757 to 798 pounds brought $277 to $298 and feeder steers 851 to 897 pounds brought $266.50 to $277.  Medium and Large 1 feeder heifers 708 to 745 pounds brought $267 to $274.85 and feeder heifers 810 to 840 pounds brought $259.25 to $260. 

Cash hogs are lower at midday with solid negotiated purchases.  Slaughter pace has been up as the industry works to meet the strong demand for U.S. pork on the global market.  However, there are lingering concerns about strength in domestic-demand over the long-term.  Processors could have most of their needed numbers on hand and aren’t being as aggressive in their procurement efforts. Barrows and gilts at the National Daily Direct were $2.39 lower with a base range of $82 to $92 and a weighted average of $88.03.  No comparisons at the regional directs, but a weighted average at the Iowa/Minnesota of $89.42; the Western Corn Belt had a weighted average of $89.22; the Eastern Corn Belt had a weighted average of $87.05.

Butcher hog prices at the Midwest cash markets are steady at $62. 

Pork values were higher at midday – up $1.34 at $102.21.  Bellies, picnics, and hams were all sharply higher.  Loins, butts, and ribs were lower.