Market News

Midday cash livestock markets

Another light round of direct cash cattle trade is underway.  Deals in Nebraska are at $225 to $228 live and mostly $355, with some at $360 dressed.  Dressed business in Iowa is at $355.  Those are $6 higher than the previous week’s weighted average basis in Nebraska.  For the week, live deals in the South have ranged from $218 to $221, mostly $219 to $220, which is $1 to $2 higher than the prior week’s weighted averages. 

At the Bassett Livestock Auction in Nebraska, steers less than 650 pounds were $8 to $10 lower, steers 650 to 850 pounds were $5 to $8 higher, and steers more than 850 pounds were steady to $5 lower.  Most heifers were $4 to $9 higher, except heifers 550 to 650 pounds which were $4 lower.  The USDA says demand was good from start to finish and buyers were active both in house and online.  The offering was mostly yearling cattle with some bawling and weaned fall calves.  Receipts were down on the week, but up on the year.  Feeder supply included 73 percent steers and 83 percent of the offering was more than 600 pounds.  Medium and Large 1 feeder steers 650 to 699 pounds brought $337.50 to $355 and feeder steers 958 to 990 pounds brought $269.75 to $283. Medium and Large 1 feeder heifers 665 to 693 pounds brought $290.50 to $337.50 and feeder heifers 754 to 779 pounds brought $286 to $306. 

Boxed beef was higher at midday on good demand for solid offerings. Choice is $1.65 higher at $347.80 and Select was $.58 higher at $334.58.  The Choice/Select spread is $13.22. 

Cash hogs are sharply higher at midday with decent negotiated purchases.  The cash hog market continues to move at a consistently inconsistent pace.  Demand for U.S. pork on the global market, outside of China, has been relatively strong.  But it is another week where total sales are down as China remains noticeably absent from the purchasers list.  The industry does remain optimistic that domestic demand will see a boost with summer grilling season just around the corner – but that has yet to be seen.

Barrows and gilts at the National Daily Direct are $2.23 higher with a base range of $85 to $97.25 and a weighted average of $94.64 and the Western Corn Belt is $3.75 higher with a weighted average of $96.16.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $63. 

Pork values were lower at midday – down $.82 at $94.72.  Ribs were sharply lower.  Bellies, butts, and loins were also lower.  Picnics and hams were higher.