Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a pretty quiet start.  Bids haven’t been renewed.  Asking prices are around $231-plus live in the South and $278-plus dressed in the North.  Deals this week have been at mostly at $376 dressed, $4 lower than the previous week’s weighted average basis in Nebraska.  There was a light round of business in the South at $231, $5 lower than the previous week’s weighted averages.

At the Bloomfield Livestock Feeder Cattle auction, compared to two weeks ago, steers weighing more than 700 pounds were $2 to $12 higher.  Steers 600 to 700 pounds were lower on a light test.  Heifers were unevenly steady.  The USDA says demand was good, and the bidding online was active.  Supply was moderate to heavy and included a few load lots.  Receipts were up on the week.  Feeder supply included 75 percent steers, and 82 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 751 to 783 pounds brought $317 to $338.50 and feeder steers 850 to 898 pounds brought $308 to $319.75.  Medium and Large 1 feeder heifers 618 to 647 pounds brought $310 to $322.50 and feeder heifers 718 pounds, fancy, brought $330.75.

Boxed beef was mixed at midday with light to moderate demand for fairly light offerings.  Choice was $3.44 lower at $390.25 and Select was $1.56 higher at $376.15.  The Choice/Select spread is $14.20.

Cash hogs are lower at midday with fairly light negotiated purchases.  Processors have been pretty aggressive in their procurement efforts and have moved big numbers this week, many times at much higher prices.  That could result in a rather slow day of business as they have needed numbers on hand.  Demand for U.S. pork has remained relatively strong, both on the global market and domestically.  Both are adding support to prices.

Barrows and gilts at the National Daily Direct are $2.22 lower with a base range of $104 to $114 and a weighted average of $109.74; the Iowa/Minnesota is $2.55 lower with a weighted average of $110.92; the Western Corn Belt is $3.06 lower with a weighted average of $110.92.  Eastern Corn Belt was not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets were steady at $76.

Pork values were higher, up $2.46 at $121.44.  Ribs, hams, loins, butts, and picnics were all sharply higher.  Bellies were lower.