Market News

Midday cash livestock markets

Cash cattle country has been quiet on Thursday, but packer inquiry is expected to improve as the day progresses. Direct trade developed on Wednesday with a few deals in Nebraska at $360 on a dressed basis, $5 lower than the previous week’s weighted averages. Asking prices are around $237 to $240 in the South and $363-plus in the North. Bids are very hard to find at this point in the day.

Boxed beef was lower at midday with Choice down $5.37 at $363.10 and Select down $2.36 at $344.53. The Choice/Select spread was $18.57.

At the Bloomfield, Iowa Livestock Auction on Wednesday, steers and heifers sold with a higher undertone compared to the most recent sale from two weeks ago. USDA says demand was good to very good and included active internet bidding. Total receipts were nearly unchanged on the week and slightly below year-ago levels. Feeder supply included 63% steers and 11% of the offering was over 600 pounds. Medium and Large 1 feeder steers 506 to 549 pounds brought $445 to $483.50. Medium and Large 1 feeder heifers 452 to 462 pounds sold for $445 to $472.50.

Cash hogs are steady to lower, with light opening negotiated numbers at the major direct markets. It looks more and more like buyers were able to secure most of their needed near-term supplies earlier in the week, which will likely lead to more steady to lower activity through Friday. The domestic wholesale market appears to be in a downtrend and the USDA’s export sales numbers are delayed indefinitely by the partial shutdown of the federal government.

Barrows and gilts at the National Daily Direct were down $.18 at midday with a base range of $96 to $102.50. The Iowa/Minnesota was down $.43 with a weighed average of $99.61. The Western Corn Belt was $.19 lower with a weighted average of $99.85. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hogs were steady at the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa. Barrows and gilts were priced at $72; sows had a range of $61 to $69; boars were priced at $25. At the Red Oak, Iowa market, barrows and gilts were steady to lower at $67; sows were steady to lower at $74 to $77; boars had a range of $3 to $39.

Pork values were lower at midday – down $.80 at $107.55. Loins and butts were higher. Picnics, ribs, hams, and bellies were lower.