Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet following Thursday’s business.  Bids and asking prices haven’t resurfaced and the bulk of the week’s business has likely wrapped up.  There was a solid day of trade that took place on Thursday.  Live deals in the South were at $248, $7 lower than the previous week’s weighted averages.  Dressed business in the North was marked at $393, down $10 from the prior week’s weighted average basis. 

Boxed beef is sharply higher at midday with solid demand for moderate offerings.  Choice is $3.09 higher at $383.90 and Select was $6.16 higher at $369.65.  The Choice/Select spread is $14.25.

At the Ogallala Livestock Auction in Nebraska, yearling steers were $7 to $15 higher.  The USDA says demand was good.  Short summer grass and a lack of drinking water brought the large string of cattle to auction.  Receipts were up on the week.  Feeder supply included 100 percent steers with the entire offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 857 to 896 pounds brought $359.50 to $368.75 and feeder steers 950 to 993 pounds brought $336.75 to $351.75. 

Cash hogs are mixed at midday with solid negotiated purchases.  Processors have been moving decent numbers, but have been able to do so at lower prices.  While there have been some bright spots when it comes to global demand for US pork, there are concerns about the long-term strength of the market.  Pork remains a competitively priced protein, which could boost domestic demand, especially as we’re in the height of summer grilling season.  Barrows and gilts at the National Daily Direct are $.11 lower with a base range of $94 to $99 and a weighted average of $96.84; the Iowa/Minnesota closed $.53 higher with a weighted average of $98.51; the Western Corn Belt closed $.52 higher with a weighted average of $98.51.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are at $64, $1 higher than earlier this week. At Illinois, slaughter sows were steady with moderate demand for light to moderate offerings at $41 to $52.  Barrows and gilts were steady with moderate demand for moderate offerings at $57 to $67.  Boars ranged from $25 to $30 and $15 to $20. 

Pork values were sharply higher at midday, up $3.02 at $101.83.  All of the primals were higher, with bellies up more than $7 at midday.