Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet, typical for a Monday.  Bids and asking prices have yet to surface as buyers and sellers are busy taking inventory.  Significant trade volume will likely develop in the back half of the week.  Deals last week took place mostly on Thursday with dressed business in Nebraska and Iowa marked at $340 to $345, $11 to $16 higher than the prior week’s weighted averages.  Southern live business was quiet, but there were reports of deals ranging from $215 to $226.50, mostly $225 to $226, $7 to $8 higher than the previous week’s weighted averages. 

In Nebraska last week, steers less than 600 pounds were $20 to $30 higher.  Six-weights were steady, steers weighing more than 700 pounds were $5 to $8 higher.  Heifers weighing less than 600 pounds were $20 higher, six-weights were fully steady, and heifers weighing more than 700 pounds were $4 to $8 higher.  The USDA says demand was good to very good throughout the week.  Receipts were down on the year.  Feeder supply included 66 percent steers and 55 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $381 to $450.  Medium and Large 1 feeder heifers 650 to 690 pounds brought $325 to $395. 

Boxed beef was about steady at midday with moderate demand for moderate offerings.  Choice was $.01 lower at $361.19 and Select was $.05 lower at $347.34.  The Choice/Select spread was $13.85. 

Cash hog prices were not reported at midday due to confidentiality.  Processors have the leverage and that allows them to set the pace when it comes to moving needed numbers. The market continues to look to demand and there is a lot of uncertainty.  Pork values have been relatively strong, which indicates some strength in demand.  Pork remains a competitively priced protein in the retail space, which is likely helping in the domestic market, but there are still a lot of uncertainties lingering around global demand.  Hog weights are creeping back up, which adds to available supply. The five-day rolling average for the barrows and gilts at the National Daily Direct is $70.42; the Iowa/Minnesota had a five-day rolling average of $70.43; the Western Corn Belt has a five-day rolling average of $70.74; the five-day rolling average for the Eastern Corn Belt is $71.99. 

Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $38 to $50.  Barrows and gilts were steady with moderate demand for moderate offerings at $40 to $48.  Boars ranged from $18 to $22 and $12 to $15.   

Pork values were $.25 lower at $96.14.  Picnics were sharply lower.  Butts and loins were also lower.  Hams, bellies, and ribs were higher to sharply higher.