Market News

Midday cash livestock markets

There’s another light round of direct cash cattle trade underway.  Live deals in Kansas are at $257 to $258, $2 to $3 higher than the bulk of the week’s business and steady to $1 higher than the prior week’s weighted averages.  Dressed deals this week have been at mostly $405, steady with the previous week’s weighted average basis in Nebraska.  The bulk of the week’s business has likely wrapped up, but some cleanup trade is still possible. 

Boxed beef is higher and sharply higher with solid demand for moderate offerings.  Choice was $.51 higher at $393.17 and Select was $3.82 higher at $386.86.  The Choice/Select spread is $6.31. 

At the Ogallala Livestock Auction in Nebraska, the USDA says demand was good with several active buyers.  Dry conditions continue to impact sales.  The bulk of the cattle offered would have been placed on summer grass and sold later, but were sold to save grass for cow/calf pairs.  Receipts were up significantly from the most recent sale.  Feeder supply included 56 percent steers with 89 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 607 to 647 pounds brought $462 to $487.50 and feeder steers 860 to 893 pounds brought $372.50 to $392.  Medium and Large 1 feeder heifers 653 to 692 pounds brought $400 to $412.50 and feeder heifers 753 to 797 pounds brought $335.50 to $374.00. 

Cash hog prices are lower at midday with moderate negotiated purchases. Demand for US pork remains a focal point for this market.  Supplies of market-ready hogs are ample, and weights are running above year-ago, which means there is plenty of pork available.  Global demand for US pork has had some bright spots, but there are still lingering concerns about long-term strength.  Domestic demand could see a bump as summer grilling season is in full swing and pork remains very competitively priced in the retail space.  Barrows and gilts at the National Daily Direct are $1.46 lower with a base range of $87 to $97 and a weighted average of $94.18; the Iowa/Minnesota is $.60 lower at $95.16; the Western Corn Belt is $.08 lower with a weighted average of $95.56.  Prices at 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 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 $49 to $59.  Boars ranged from $25 to $30 and $15 to $20. 

Pork values were sharply higher at midday, up 43.52 at $101.65.  Butts, loins, picnics, and ribs were all sharply higher.  Bellies were sharply lower.