Market News

Midday cash livestock markets

Direct cash cattle trade activity was pretty quiet to start the day Friday following back-to-back days of light business.  For the week, Northern dressed deals have been at mostly $372, $8 lower than the prior week’s weighted average basis in Nebraska.  Dressed business was at mostly $235, down $4 for the week in Texas and $5 lower in Kansas.  There were a handful of live deals noted at $236 in some areas. The market continues to monitor the labor situation at the JBS plant in Greeley, Colorado, which has a walkout scheduled on Monday. 

Boxed beef was firm at midday with moderate demand for light offerings.  Choice was $.16 higher at $397.25 and Select was $.04 higher at $390.86.  The Choice/Select spread was $6.39. 

At the Mitchell Livestock auction in South Dakota, a lower undertone was noted on feeder steers.  Heifers weighing up to 700 pounds sold with a steady to lower undertone.  Heifers 700 pounds and up sold with a lower undertone.  The USDA says demand was good for the smaller offering, which was likely impacted by the drop in futures prices.  Receipts were down on the week and the year.  Feeder supply included 65 percent steers with 89 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 654 to 697 pounds brought $390 to $428 and feeder steers 774 to 790 pounds brought $359.50 to $369.75.  Medium and Large 1 feeder heifers 652 to 684 pounds brought $355 to $388 and feeder heifers 800 to 818 pounds brought $323.50 to $327.50.

Cash hogs were weak at midday with moderate negotiated purchases.  Processors had decent runs early on in the week and likely have their needed numbers on hand.  Demand remains a big question for the market, both globally and here at home.  The domestic market continues to look for a boost from pork’s competitive price in the retail space.  The industry also is monitoring the availability of market-ready hogs and hog weights, which are running more than 1.5 pounds above year-ago levels. Barrows and gilts at the National Daily Direct were $.07 lower with a base range of $86 to $93 and a weighted average of $92.09.  The Iowa/Minnesota and the Western Corn Belt had no comparisons but weighted averages of $92.43.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $64. 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 higher at midday, up $.97 at $101.26.  Bellies are up more than $9 to start the day.  Ribs and hams were also higher.  Picnics, butts, and loins were lower.