Market News

Midday cash livestock markets

Direct cash cattle trade is fully underway.  Dressed deals in the North are at $372, $9 higher than the prior week’s weighted average basis in Nebraska.  Live deals in the South are at $240, that’s $5 higher than the prior week’s weighted averages. 

At the Valentine Livestock Auction in Nebraska, prices were sharply higher for this week’s comparable offerings.  The USDA says demand was good for all consignments, which were unweaned.  Buyers were very active both in-house and online.  Receipts were up on the week, but down on the year.  Feeder supply included 67 percent steers with 10 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 506 to 544 pounds brought $499 to $536 and feeder steers 609 to 616 pounds brought $452 to $465. Medium and Large 1 feeder heifers 407 to 441 pounds brought $507 to $542.50 and feeder heifers 506 to 530 pounds, fancy, brought $500. 

Boxed beef was higher at midday with good demand for heavy offerings.  Choice was $.89 higher at $367 and Select was $1.43 higher at $350.36.  The Choice/Select spread is $16.64. 

Cash hogs are lower at midday with very light negotiated purchases.  Processors likely have needed numbers on hand and aren’t expected to be too aggressive in their procurement efforts.  Demand for U.S. pork remains a question.  While domestic demand is likely continuing to benefit from pork’s competitive price in the retail space, global demand is in question.  The loss of export and trade data due to the continued partial shutdown of the U.S. government leaves a very foggy picture.  Barrows and gilts at the National Daily Direct were $1.75 lower with a base range of $84 to $92 and a weighted average of $89.81.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $70. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $57 to $69.  Barrows and gilts were $3 lower 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 $2.57 at $104.74.  Bellies jumped more than $10 at midday.  Picnics, ribs, butts, and hams were all higher.  Loins were lower.