Market News

Midday cash livestock markets

A light round of direct cash cattle business is underway.  Deals in the South are ranging from $242 to $245, which is $3 to $6 higher than the previous week’s weighted averages.  A few dressed bids in Nebraska have surfaced at $378, but those are being passed.  Asking prices are firm at $382 to $385 in the North and $243-plus live in the South.  Look for business to pick up as the day progresses. 

At the Ogallala Livestock Auction in Nebraska, steers weighing less than 700 pounds were $10 to $15 higher.  Steers weighing more than 700 pounds were $3 to $10 higher.  Heifers were unevenly steady with some classes weighing more than 650 pounds, that could go as replacements, selling for nearly $10 higher.  The USDA says demand was moderate to good, and some instances of very good.  Receipts were down on the week, but up on the year.  Feeder supply included 59 percent steers with 54 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 653 to 690 pounds brought $429 to $447 and feeder steers 709 to 735 pounds brought $390 to $408.50.  Medium and Large 1 feeder heifers 651 to 695 pounds brought $384 to $406 and feeder heifers 712 to 747 pounds brought $361 to $373. 

Boxed beef was sharply higher at midday with solid demand for light offerings.  Choice was $2.66 higher at $369.91 and Select was $3.48 higher at $363.85.  The Choice/Select spread was $6.06. 

Cash hog prices had no comparison with light negotiated purchases.  Demand remains a big question for the industry right now.  There have been some bright spots, but overall, there continues to be long-term concerns.  Supplies of market-ready hogs are ample, and hog weights have been running well-above year-ago levels.  Processors have leverage and are able to move needed numbers without having to consistently bid up and push prices higher.   Barrows and Gilts at the National Daily Direct had a base range of $84 to $86 and a weighted average of $85.07 and there was no comparison at the Western Corn Belt but a weighted average of $85.35.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $6 higher at $66. 

Pork values were lower at midday, down $.76 at $94.51.  Butts dropped more than $9 and picnics were also sharply lower.  Loins were down, while ribs, hams, and bellies were all higher.