Market News

Midday cash livestock markets

Direct cash cattle business is starting to develop.  A few deals have been reported in Iowa at $250 live.  Bids have surfaced in Nebraska at $385 dressed, but those are being passed.  Asking prices are around $250 live in the South and $392 to $395 dressed in the North.  Look for more business to take place before the end of the day. 

At the Ogallala Livestock Auction in Nebraska, the offering was comprised of a large supply of weaned and bawling fall calves and some yearlings.  Feeders and grass cattle were all met with a higher undertone. The USDA says some consignments were sold due to the recent wildfires and the lack of grass resources and baled hay supplies.  Drought conditions are also persistent.  There were quite a few light fleshed cattle on offer throughout the day.  Receipts were down from the most recent sale, but up on the year.  Feeder supply included 52 percent steers with 56 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 602 to 612 pounds brought $513 to $521 and feeder steers 652 to 691 pounds brought $459 to $460.  Medium and Large 1 feeder heifers 572 to 592 pounds brought $440 to $460 and feeder heifers 616 to 636 pounds brought $420 to $439. 

Boxed beef was higher and sharply higher at midday with solid demand for light offerings.  Choice was $.59 higher at $381.68 and Select was $2.18 higher at $383.76.  The inversion on the Choice/Select spread is $2.07. 

Cash hog prices were lower at midday with moderate negotiated purchases.  Negotiated business has been sluggish this week.  With ample supplies of market-ready hogs available, processors have leverage and are doing business at their pace.  There have been some bright spots when it comes to demand on the global market for US pork, but there are still long-term concerns that linger.  We’re heading into the summer grilling season and that could help provide a bump to domestic demand, especially as pork remains a competitively priced protein in the retail space. Barrows and Gilts at the National Daily Direct were $.51 lower with a base range of $88 to $91 and a weighted average of $89.39.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $60. At Illinois, slaughter sow prices were steady with moderate demand for light offerings at $50 to $61.  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, up $1.65 at $99.03.  Butts, loins, and ribs were sharply higher.  Hams and picnics were up.  Bellies were sharply lower.