Market News

Midday cash livestock markets

There is a light round of direct cattle business underway.  Live deals in Nebraska are marked at $242, $2 higher than Thursday’s deals and $7 higher than the prior week’s weighted average. More dressed business is expected to develop throughout the day. Asking prices are at $233-plus live in the South and $382 dressed in the North.  For the week, live deals in the South have had a range of $225 to $232, $3 to $10 higher than the previous week’s weighted average basis.  Dressed deals in the North have been at mostly $380, which is $13 higher than the prior week’s weighted average basis in Nebraska. 

At the Winter Livestock Auction in Kansas, feeder steers and heifers 650 to 950 pounds were $8 to $16 higher.  However, thin-fleshed cattle sold up to $20 higher.  The USDA says demand was good.  Receipts were down on the week, but up on the year.  Feeder supply included 58 percent steers and 98 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 862 to 891 pounds brought $304.25 to $310 and feeder steers 888 to 892 pounds brought $322 to $323.75.  Medium and Large 1 feeder heifers 760 to 765 pounds brought $317 to $319 and feeder heifers 812 to 834 pounds brought $287 to $300.75. 

Boxed beef was mixed at midday with fairly light demand for light offerings.  Choice was $1.36 lower at $365.49 and Select was $.10 higher at $356.71.  The Choice/Select spread was $8.78.

Cash hogs were higher with a fairly light negotiated run.  The cash hog market has had a week of ups and downs as processors navigate demand strength and supplies of market-ready hogs.  It’s Friday, and it wouldn’t be a big surprise to see a very slow day of business.  Global demand for U.S. pork has been strong, which has helped provide price support.  However, China remains a wild card. There’s also optimism that the return of the summer grilling season will provide a boost to domestic demand and some additional support to the market. Barrows and gilts at the National Daily Direct were $.93 higher with a base range of $90 to $105 and a weighted average of $100.55; the Iowa/Minnesota had a weighted average of $102.83; the Western Corn Belt had a weighted average of $102.50.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are $3 higher at $72. At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $49 to $61.  Barrows and gilts were steady with moderate demand for moderate offerings at $57 to $67.  Boars ranged from $25 to $35 and $18 to $25. 

Pork values were sharply higher at midday – up $4.74 at $112.86.  Bellies, hams, and ribs were all sharply higher.  Loins, picnics, and butts were also higher.