Market News

Midday cash livestock markets

Direct cash cattle trade activity has been relatively quiet to start the week as buyers and sellers are busy preparing for the week ahead.  Bids and asking prices have yet to be established and significant trade volume will likely be delayed until latter half of the week.  Last week, dressed deals in the North ranged from $400 to $415, mostly at $410 to $415, $7 to $12 higher than the prior week’s weighted average basis in Nebraska.  Live deals in the South ranged from $260 to $265, mostly $260 to $262, $3 to $5 higher than the previous week’s business. 

Boxed beef was sharply higher and higher with solid demand for moderate offerings.  Choice is $2.67 higher at $391.92 and Select is $.81 higher at $390.06.  The Choice/Select spread is $1.86. 

In Nebraska last week, steers sold $10 to $20 lower and heifers were steady to $10 lower.  The USDA says demand was moderate to good for calves, feeders, bred cows, and cow/calf pairs.  The weather continues to be an issue as range and pasture conditions have been about 80 percent poor to very poor, significantly lower than the previous year’s conditions, and several ranchers have been forced to downsize their herds.  Receipts were down on the week and the year.  Feeder supply included 42 percent steers with 81 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 650 to 661 pounds brought $415 to $457 and feeder steers 965 to 990 pounds brought $331 to $350.50.  Medium and Large 1 feeder heifers 657 to 690 pounds brought $382.50 to $396 and feeder heifers 809 to 847 pounds brought $335 to $345.    

Cash hog prices were not reported at the major directs due to confidentiality, there were just a handful of negotiated purchases.  Supplies of market-ready hogs are ample and there is plenty of pork available.  There have been some definite bright spots when it comes to demand for US pork on the global market, which is crucial to price support, but there are still some long-term concerns that linger.  The official start to summer grilling season is just around the corner, and that will likely provide a boost to domestic demand, 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 was $94.50 and for the Western Corn Belt it’s $91.95. 

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 $1.64 at $99.20.  Bellies and loins were both sharply higher.  Hams and butts were up.  Ribs and picnics were lower.