Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet as buyers and sellers are preparing for the week’s business.  Bids and asking prices haven’t surfaced.  If the market follows the trend of recent weeks, look for significant trade volume to hold out until sometime Thursday or Friday.  Last week business held out until Friday, and dressed deals in the North were at mostly $380, $3 below the prior week’s weighted averages.  Live deals in the South were at mostly $240, $4 lower the previous week’s business. 

In Nebraska last week, steers weighing less than 700 pounds were $10 to $20 lower and steers weighing more than 700 pounds were $2 to $5 lower.  Heifers weighing less than 700 pounds were $5 to $10 lower, seven-weights were $15 lower, and heifers weighing more than 800 pounds were $2 to $5 lower.  The USDA says demand, overall, was moderate to good.  There was good to very good demand for replacement heifers and bred heifers and cows.  Receipts were down on the week and the year.  Feeder supply included 60 percent steers with 79 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $416 to $486 and feeder steers 700 to 746 pounds brought $377 to $423.50.  Medium and Large 1 feeder heifers 551 to 595 pounds brought $406 to $478 and feeder heifers 650 to 697 pounds brought $377.50 to $423.50. 

Boxed beef was sharply higher at midday with strong demand for light offerings.  Choice was $3.44 higher at $390.66 and Select is $2.28 higher at $381.23.  The Choice/Select spread was $9.43. 

Cash hog prices were not reported at midday with solid negotiated purchases. Processors appear to be off to a solid start to the week’s business.  However, they do have leverage and can do business at their pace.  Supplies of market-ready hogs are ample and at heavier weights.   While global demand for US pork has been relatively strong, there are still long-term concerns about its strength.  Pork remains a competitively priced protein in the retail space, which could provide a boost for the domestic market. The five-day rolling average for barrows and gilts at the National Daily Direct was $91.56.  It was $91.95 for both the Iowa/Minnesota and the Western Corn Belt. 

Butcher hog prices at the Midwest cash markets were $1 higher at $67.   At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $60 to $72.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $8 to $15 and $5 to $8.

Pork values were sharply higher, up $3.80 at $102.07. Loins jumped more than $7 to start the day.  Ribs, butts, picnics, bellies and hams were also sharply higher.