Market News

Midday cash livestock markets

Direct cash cattle trade activity remains relatively quiet.  The lone bid to have surfaced is in Nebraska at $213 live.  Asking prices in the South are around $211 to $212 live, but still haven’t been established in the North.  Look for packer inquiry to improve as the day progresses, but significant trade volume will likely hold out until sometime Friday.  There was some light, scattered trade reported Wednesday. Live deals in the South were at $208 and dressed deals in the North ranged from $330 to $334, neither were enough business to establish an accurate price trend for the week.

At the Huss Livestock Market in Nebraska, feeder steers 650 to 900 pounds were steady to $6 higher, and heifers 550 to 850 pounds were unevenly steady.  The USDA says demand was good from the buyers in the crowd and online.  Receipts were up on the week.  Feeder supply included 64 percent steers and 71 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 691 pounds brought $333 to $346.50 and feeder steers 800 to 834 pounds brought $288 to $301.25.  Medium and Large 1 feeder heifers 603 to 627 pounds brought $308 to $327.50 and feeder heifers 650 to 697 pounds brought $286 to $299.50. 

Boxed beef was mixed at midday with light to solid demand for moderate offerings.  Choice is $.02 lower at $338.28 and Select is $2.89 higher at $319.42.  The Choice/Select spread is $18.86. 

Cash hogs are higher at midday with solid negotiated purchases. Processors were more aggressive in their procurement efforts, and bid up to move needed numbers. Demand for U.S. pork on the global market has been solid, and there was a definite bounce-back in this week’s Export Sales report from the USDA following back-to-back weeks of marketing year lows.  There’s some optimism that domestic demand could see a boost as pork is a more competitively priced protein in the retail space.  Hog weights were up again this week, likely increasing pork production. Barrows and gilts at the National Daily Direct are up $.95 with a base range of $86 to $92 and a weighted average of $88.49.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $57 in Red Oak, Iowa and $60 in Dorchester, Wisconsin. Pork values were weak at midday – down $.14 at $95.51.  Picnics, bellies, and butts were all lower.  Hams, ribs, and loins were up.