Market News

Midday cash livestock markets

Cash cattle country is off to another slow start on Wednesday. Asking prices in parts of the South have started out around $240-plus, but they are still not established in the North. If business follows the trend of recent weeks, look for trade to hold out until sometime Thursday and/or Friday.

Boxed beef was mixed at midday with Choice up $2.11 at $366.53 and Select down $1.24 at $349.31. The Choice/Select spread was $17.22.

At the North Platte Stockyards in Nebraska on Tuesday, steer and heifer calves sold sharply higher compared to the most recent sale. USDA says yearling heifers sold $2 to $5 higher. Demand was good with some active internet bidding. Receipts were moderately higher from last week’s sale. Feeder supply included 52% steers and 27% of the offering was over 600 pounds. Medium and Large 1 feeder steers 626 to 644 pounds brought $427 to $434. Medium and Large 1 feeder heifers 454 to 474 pounds sold for $470 to $480.

Cash hog business is mostly steady with light to moderate opening negotiated numbers at the major direct markets. Those major direct markets are starting the day with no recent comparison, but when compared to Tuesday’s close, the weighted averages imply a higher trend, indicating some buyers needed near-term ready numbers to keep chain speed moving. Still, average weights are up on the week and the year, putting more pork onto the market, and wholesale business has been inconsistent, which could limit packer demand.

Barrows and gilts at the National Daily Direct had no comparisons at midday, but the base range was set at $88 to $98. The weighted average price is $95.12. The Iowa/Minnesota and Western Corn Belt markets had weighted averages of $96.40 and $95.20 respectively. 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 with barrows and gilts priced at $70.

Illinois slaughter sows were steady with moderate demand for moderate offerings at $57 to $69. Illinois boars were priced at $18 to $35.

Pork values were lower at midday – down $.78 at $102.98. Butts, ribs, and hams were higher. Loins, picnics, and bellies were lower.