Market News

Midday cash livestock markets

Direct cash cattle trade activity is still relatively quiet following Wednesday’s light business.  Bids have been renewed at $218 live in the South, and in the North at $230 live and $360 dressed.  Deals on Wednesday ranged from $358 to $370, mostly at $360, $2 higher than the prior week’s weighted averages.  There were a handful of deals reported in the South at $224 to $227 live, but not enough business to establish an accurate price trend.

At the Bassett Livestock Auction in Nebraska, steers weighing less than 650 pounds were $8 to $10 lower, steers 650 to 850 pounds were $5 to $8 higher, steers weighing more than 850 pounds were steady to $4 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.  There were quite a few order buyers in-house and online.  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 with good demand for moderate offerings.  Choice is $.71 higher at $360.30 and Select was $.44 higher at $348.72.  The Choice/Select spread is $11.58.

Cash hogs were sharply lower at midday with very light negotiated purchases. The cash hog market continues to struggle with inconsistency.  The market continues to monitor demand.  This week’s Export Sales report from the USDA showed global pork sales were up substantially.  This week marked the return of China to the purchasers’ list following the agreement between the two countries to pause tariffs and renew trade negotiations.  The industry remains optimistic that domestic demand will see a bump with the arrival of the summer grilling season. Barrows and gilts at the National Daily Direct were $4.15 lower with a base range of $90 to $99 and a weighted average of $92.45; no comparison at the Iowa/Minnesota but a weighted average of $92.97; the Western Corn Belt was $3.63 lower with a weighted average of $92.97.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady to $66 and business in Red Oak, Iowa is higher at $59.

Pork values were higher at midday – up $.57 at $100.61.  Bellies were sharply higher.  Picnics and loins were higher.  Hams and butts were lower, while ribs were sharply lower.