Market News

Midday cash livestock markets

A light direct cash cattle trade is developing in parts of the South this morning at $248, fully steady with yesterday’s scattered business. Business is also developing in parts of the North, with a handful of dressed deals purchased by a Regional, and are set for delivery the week of May 11, are marked at $386, $2 to $3 lower than yesterday’s deals.

Boxed beef is lower with Choice $.35 lower at $381.22, and Select $1.12 lower at $377.36. The Choice/Select spread is $3.86.

At the Ogallala Livestock Auction in Nebraska, this week’s auction had a large supply of weaned and bawling fall calves with some yearling feeders. Some consignments are selling due to recent wildfires and limited feed supplies. Quite a few of the cattle were green fleshed and had a higher undertone in almost all classes. Receipts were up on the week, but down on the year. Feeder supply included 52 percent steers with 56 percent of the offering over 600 pounds. Medium and large 1 feeder steers at 473 pounds brought $567, and steers 652 to 691 pounds brought $459 to $460 with an average price of $459.34. Medium and large 1 feeder heifers 572 to 592 pounds brought $440 to $460 with an average price of $449.17, and heifers 761 to 765 pounds brought $350 to $372 with an average price of $355.31.

Cash hogs had no comparison with a light negotiated run. A slow finish to the week isn’t a big surprise.  Processors had a couple of solid days of business at higher prices, so likely have needed numbers on-hand.  Supplies of market-ready hogs are ample, so demand remains crucial to the market.  There have some bright spots globally when it comes to demand for US pork, but there are long-term concerns that linger. Domestic demand continues to show some promise, especially as we head into summer grilling season and pork is a competitively priced protein in the retail space.  Barrows and gilts at the National Daily Direct had no comparison but a weighted average of $90.76; no comparison at Iowa/Minnesota but a five-day rolling average at $90.35; Western Cornbelt no comparison but a five-day rolling average of $91.28; Eastern Cornbelt not reported due to confidentiality.

Butcher hogs at the Midwest Cash Markets are steady at $60. At Illinois, slaughter sow perices were steady with moderate demand for light offerings at $47 to $58. Barrows and gilts prices were steady with moderate demand for moderate offerings at $45 to $55. Boars ranged from $8 to $15 and $5 to $8.

Pork values are $3.48 higher at $100.16. All cuts were higher with butts and bellies sharply higher.