Market News

Midday cash livestock markets

Direct cash cattle trade activity is still relatively quiet.  A few bids have surfaced in parts of Nebraska at $230 live and $355 to $360 dressed and in Texas at $232 live.  So far this week, there’s been a light to moderate trade that’s been reported.  Dressed deals in the North were at mostly $360, $2 higher than the previous week’s weighted average basis in Nebraska, while live deals in the South were $4 lower than last week’s business at $232.  Look for more business to develop over the balance of the week.

At the Huss Livestock Auction in Nebraska, steer calves 500 to 700 pounds were steady to $15 lower and heifer calves 400 to 600 pounds were steady to $25 lower.  The USDA says demand was moderate from the buyers in the crowd, there was some online activity noted as well.  Most of the calves in the offering had received fall vaccinations and there were a few weaned packages.  Receipts were up on the week and the year.  Feeder supply included 49 percent steers and 53 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $363 to $389 and feeder steers 701 to 744 pounds brought $327 to $354.  Medium and Large 1 feeder heifers 555 to 597 pounds brought $341 to $373 and feeder heifers 927 to 931 pounds brought $290 to $293. 

Boxed beef was mixed at midday with light to moderate demand for moderate offerings.  Choice was $.29 lower at $377.97 and Select was $1.76 higher at $362.01.  The Choice/Select spread is $15.96.

Cash hogs are lower at midday with a handful of negotiated purchases.  There have been several solid days of business, so processors pulling back in their procurement efforts to finish out the week isn’t a big surprise.  There are a lot of uncertainties in the market.  Specifically, what global demand looks like.  The government shutdown is ongoing, and critical trade and export data isn’t being released.  Domestic demand is likely providing at least some support to the market as pork remains a competitively priced protein in the retail space. The industry also continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $1.72 lower with a base range of $81 to $86 and a weighted average of $84.67; the Iowa/Minnesota had no comparison but a weighted average of $85.15; the Western Corn Belt was $1.85 lower with a weighted average of $84.79.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $68. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $53 to $65.  Barrows and gilts were $4 lower with moderate demand for moderate offerings at $50 to $60.  Boars ranged from $20 to $30 and $15 to $20. 

Pork values were weak at midday, down $.20 at $97.34.  Ribs were sharply lower.  Loins, hams, and butts were also lower.  Picnics and bellies were up.