Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Buyers and sellers are busy preparing for the week ahead.  Bids and asking prices haven’t surfaced.  Significant trade volume is likely going to be delayed until midweek or later.  Deals last week were few and far between.  Live business in the South was marked at $249, $3 higher than the previous week’s weighted averages, however, in Texas deals were at $246, just $1 higher.  Dressed trade in the North ranged from $385 to $389, steady to $4 higher than the prior week’s weighted average basis in Nebraska. 

In Nebraska this past week, feeder steers weighing less than 550 pounds were sharply higher, steers 550 to 800 pounds were $9 higher to sharply higher, steers weighing more than 800 pounds were mostly $2 to $10 higher.  Feeder heifers 400 to 550 pounds were sharply higher, heifers 550 to 750 pounds were $7 to $11 higher with spots of sharply higher, heifers weighing more than 750 pounds were $2 to $7 higher.  The USDA says demand was good overall.  Receipts were up on the week and the year.  Feeder supply included 59 percent steers with 67 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 607 to 649 pounds brought $450 to $500 and feeder steers 652 to 691 pounds brought $425 to $460.  Medium and Large 1 feeder heifers 603 to 643 pounds brought $407 to $460 and feeder heifers 761 to 792 pounds brought $348 to $372. 

Boxed beef was higher and sharply higher with solid demand for light offerings.  Choice was $1.07 higher at $381.97 and Select was $3.17 higher at $384.51.  The Choice/Select spread is inverted at $2.54. 

Cash hog prices were weak at midday, with very light negotiated purchases. Processors haven’t been as aggressive in their procurement efforts.  With ample supplies of market-ready hogs, processors can control the pace of business.  Demand remains crucial to the market.  There have been bright spots when it comes to global demand for U.S. pork, but there are lingering long-term concerns.  Domestic demand could see a boost as summer grilling season is just around the corner and pork remains a competitively priced protein in the retail space. Barrows and Gilts at the National Daily Direct were $.16 lower with a base range of $88 to $91 and a weighted average of $89.23.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were $4 higher at $64.  At Illinois, slaughter sow prices were $1 lower with moderate demand for light to moderate offerings at $49 to $60.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $8 to $15 to $5 to $8. 

Pork values were higher at midday, up $1.11 at $99.81.  Bellies, ribs, loins, and picnics were sharply higher and higher.  Hams and butts were down.