Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start to the week.  Bids and asking prices have yet to surface.  Significant trade volume will likely be delayed until the latter half of the week.  Business last week took place mostly on Thursday, with a little clean-up trade on Friday.  Live deals in the South ranged from $218 to $228, mostly $218 to $220, $1 lower to $1 higher than the prior week’s business.  Dressed deals in the North ranged from $350 to $362, mostly $358, $2 higher than the previous week’s weighted average basis in Nebraska.   

In Nebraska last week, steers less than 600 pounds were sharply higher, 6-weight steers were $20 higher, steers 700 to 900 pounds were $3 to $4 lower, and steers 900 pounds were $10 higher.  Heifers less than 600 pounds sold $10 to $14 higher and heifers weighing more than 600 pounds were $2 to $8 higher.  The USDA says demand was good to very good for all weights and classes of cattle. Buyers were active both in house and online and many sales brought new highs on feeder cattle prices.  Receipts were up on the week and the year.  Feeder supply included 54 percent steers and 55 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 662 to 695 pounds brought $336 to $385 and feeder steers 906 to 948 pounds brought $284.50 to $300.25.  Medium and Large 1 feeder heifers 551 to 599 pounds brought $329 to $378 and feeder heifers 650 to 693 pounds brought $291 to $332.50. 

Boxed beef was higher at midday with solid demand for light offerings.  Choice is $1.40 higher at $353.89 and Select was $2.17 higher at $344.56.  The Choice/Select spread is $9.33. 

Cash hogs have no comparison at midday with very light negotiated purchases.  A lot of the market remains focused on demand, both on the global market and on the domestic market.  Globally, while the United States and China agreed to pause retaliatory tariffs, it could take some time for China to ramp up its purchases.  The industry is optimistic that, with summer grilling season just around the corner, it could see a boost to demand and some additional price support.  Barrows and gilts at the National Daily Direct have no comparison, but a base range of $91 to $96.50 and a weighted average of $94.91.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $66. 

Pork values were higher at midday – up $1.67 at $101.79.  There was strength across the board in all of the primals.