Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another very slow start.  Bids have surfaced at $222 live in the South and $365 dressed in the North.  Asking prices have been restated at $228 to $230 live in the South, and at $376-plus dressed in the North. Significant trade volume could hold out until sometime Friday.

At the Bassett Livestock Auction in Nebraska, the USDA says demand was very good.  Buyers were active both in-house and online.  Receipts were up significantly from the most recent sale and up on the year.  Feeder supply included 55 percent steers and 80 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 651 to 684 pounds brought $373 to $396 and feeder steers 712 to 745 pounds brought $351 to $367.  Medium and Large 1 feeder heifers 606 to 641 pounds brought $250 to $284 and feeder heifers 874 to 886 pounds brought $280.50 to $287. 

Boxed beef was mixed at midday with light to moderate demand for fairly light offerings.  Choice is $.57 lower at $394.37 and Select is $2.27 higher at $378.56.  The Choice/Select spread is $15.81. 

Cash hogs had no comparison at midday with light negotiated purchases.   The cash hog market continues to thrive on demand strength.  Global demand for U.S. pork remains solid. This week’s export sales report from the USDA had pork sales up sharply, with China returning to the buyers list.  Domestic demand continues to see some strength as pork is a competitively priced protein.  The industry is looking ahead to this afternoon’s Quarterly Hogs and Pigs report. Barrows and gilts at the National Daily Direct had a base range of $102 to $110 and a weighted average of $108.09; the Iowa/Minnesota has a weighted average of $108.95; the Western Corn Belt has a weighted average of $108.84.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $3 higher at $82. 

Pork values were lower at midday, down $1.11 at $120.70.  Picnics, ribs, butts, and bellies were all sharply lower.  Hams and loins were higher.