Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following the solid day of business on Thursday.  The lone bid to resurface is in Nebraska at $405 dressed.  Deals this week have been at mostly $402 dressed, $3 higher than much of the previous week’s weighted average basis.  Live deals in the South were at mostly $256 to $257, about $2 to $3 higher than the prior week’s weighted averages.  There were a few deals in Kansas reported at $258. 

Boxed beef was sharply higher and higher with solid demand for solid offerings.  Choice was $2.08 higher at $389.02 and Select was $.75 higher at $385.17.  The Choice/Select spread is $3.85. 

At the Valentine Livestock Auction in Nebraska, a higher undertone was noted on all weights.  The USDA says demand was very good with several buyers in house and online.  Most cattle sold in light flesh.  There were also several consignments due to the loss of pasture grass and lingering drought concerns.  Feeder supply included 67 percent steers with 63 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 607 to 645 pounds brought $474 to $497 and feeder steers 711 to 743 pounds brought $421 to $449.  Medium and Large 1 feeder heifers 561 to 592 pounds brought $455 to $487.50 and feeder heifers 659 to 694 pounds brought $410 to $457.50. 

Cash hog prices at the major directs were not reported at midday due to confidentiality.  There were just a handful of negotiated purchases.  It’s been a very inconsistent week of business for the cash hog market.  Processors have been moving needed numbers at generally lower prices and runs have been smaller.  Supplies of market-ready hogs are ample, and hog weights are still above year-ago levels.  That makes demand even more important to the market.  There have been some bright spots globally, but there are still long, term concerns lingering.  Domestic demand could see a boost with the return of the summer grilling season, especially as pork remains a competitively priced protein in the retail space. The five-day rolling average for barrows and gilts at the National Daily Direct is $95.11; it’s $95.00 for the Iowa/Minnesota; and it’s $95.24 for the Western Corn Belt.

Butcher hog prices at the Midwest cash markets are steady at $66 in Dorchester, Wisconsin and were steady this week in Red Oak, Iowa at $59.   

Pork values were sharply higher at midday, up $2.11 at $97.71.  Loins, ribs, bellies, butts, and hams were all solidly higher.  Picnics were sharply lower.