Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids and asking prices haven’t surfaced.  So far this week a light to moderate trade has taken place in the North at $392 to $401, mostly $400, $14 higher than the prior week’s weighted averages.  Southern live deals have been at mostly $255 to $256, $9 to $10 higher than the previous week’s business.  While the bulk of the week’s business has likely wrapped up, some cleanup trade could still take place before the end of the day Friday. 

Boxed beef is higher at midday with solid demand for light offerings.  Choice was $1.69 higher at $389.74 and Select is $3.61 higher at $389.86.  The Choice/Select spread is inverted at $.12. 

At the Huss Livestock Market in Nebraska, there was a solid offering of yearlings and weaned fall calves.  There were also several packages of bawling calves in the mix.  Steers weighing more than 600 pounds were steady to $5 higher.  Heifers weighing more than 500 pounds were steady to $10 higher.  The USDA says demand was good from the buyers in house and online.  Receipts were down on the week and the year.  Feeder supply included 48 percent steers with 70 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 627 to 646 pounds brought $455 to $469 and feeder steers 717 to 743 pounds brought $410 to $412.  Medium and large 1 feeder heifers 521 to 544 pounds brought $462.50 to $486 and feeder heifers 738 pounds brought $403. 

Cash hogs are higher at midday with a handful of negotiated purchases.  Processors have leverage and have been controlling the pace of business.  This week they’ve been moving fewer negotiated numbers, but at higher prices.  There are ample supplies of market-ready hogs available, and demand remains a critical piece to the market.  Export sales were up noticeably on the week and up more than 30 percent on the prior 4-week average.  Mexico remains a top customer of US pork. Summer grilling season is just around the corner and it presents an opportunity to boost domestic demand, especially as pork remains a competitively priced protein in the retail space. Barrows and gilts at the National Daily Direct are $.56 higher with a base range of $93 to $94 and a weighted average of $93.43 and the Western Corn Belt is $.14 higher with a weighted average of $93.43.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $62. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $57.  Barrows and gilts were $2 higher with moderate demand for moderate offerings at $47 to $57.  Boars ranged from $8 to $15 and $5 to $8. 

Pork values were lower at midday, down $.38 at $96.81.  Butts and loins were sharply lower.  Ribs were weak.  Hams, bellies, and picnics were about steady to sharply higher.