Market News

Midday cash livestock markets

Direct cash cattle trade activity was quiet Friday following the week’s light trade.  For the week, dressed deals in the North have had a full range of $400 to $415, mostly $410 to $415, which was $7 to $12 higher than the prior week’s weighted average basis in Nebraska.  Live deals in the South have ranged from $260 to $265, mostly $260 to $262, $3 to $5 higher than the previous week’s weighted averages.   

Boxed beef was higher at midday with solid demand for moderate offerings.  Choice was $1.41 higher at $388.86 and Select was $1.62 higher at $390.62.  The Choice/Select spread is inverted, at $1.76. 

At the Torrington Livestock Feeder Cattle Auction in Wyoming this week there was a very large offering of feeder cattle as producers in that part of the country continue to face extreme drought conditions.  There were several long strings of load lots.  The market was active, but a lower undertone was noted.  The USDA says the overall quality was good with the majority green and thin fleshed.  There were several new buyers in-house and online.  Receipts were up significantly on the year.  Medium and Large 1 feeder steers 669 to 686 pounds brought $425 to $460 and feeder steers 704 to 746 pounds brought $405 to $436.25.  Medium and Large 1 feeder heifers 624 to 649 pounds brought $404 to $433 and feeder heifers 707 to 740 pounds brought $362 to $382. 

Cash hog prices had no comparison at midday with moderate negotiated purchases.  Processors haven’t been very aggressive in their procurement efforts this week.  There are ample supplies of market-ready hogs available, making demand a priority.  There have been some bright spots when it comes to global demand for US pork, but there are still long-term concerns that linger.  Summer grilling season is just around the corner, which could help provide a boost to domestic demand, especially with pork’s competitive price in the retail space. Barrows and gilts at the National Daily Direct had a base range of $89 to $95 and a weighted average of $91.87 and the Western Corn Belt had a weighted average of $91.95.  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 $3 higher at $69.  At Illinois, slaughter sows were steady with moderate demand for light offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $47 to $57.  Boars ranged from $8 to $15 and $5 to $8. 

Pork values were higher at midday, up $.90 at $97.45.  Hams, picnics, loins, and butts were all higher.  Ribs and bellies were down.