Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Showlists this week are mixed, lower in Texas and Kansas, and up slightly in Nebraska.  Bids and asking prices have yet to surface.  Significant trade volume isn’t expected until sometime Thursday or Friday. 

Boxed beef was mixed at midday with light and moderate demand for moderate offerings.  Choice was $.84 lower at $384.85 and Select was $3.32 higher at $364.66.  The Choice/Select spread was $20.19. 

In Nebraska last week, feeder steers 600 to 900 pounds were steady to $5 lower, steers 900 pounds were $15 lower, and steers 1025 pounds were $9 lower.  Feeder heifers were steady to mostly $5 lower.  The USDA says demand was good bawling calves and demand for yearling feeders was moderate to good.  Grass continues to be short, and some ranchers are selling their calf crop earlier than normal.  Receipts were up on the week, but down on the year.  Feeder supply included 49 percent steers with 77 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 500 to 530 pounds brought $462 to $530 and feeder steers 858 to 894 pounds brought $341.50 to $355.50.  Medium and Large 1 feeder heifers 751 to 795 pounds brought $316 to $343 and feeder heifers 876 to 893 pounds brought $326.10 to $330. 

Cash hog prices were not reported at midday with just a handful of negotiated purchases. Look for processors to ramp up their procurement efforts as the day and week progresses.  They do still have leverage and have continue to control the pace of business.  Demand remains a focal point for the market.  While there have been some bright spots in different areas, there are lingering concerns about long-term strength.  The industry is also monitoring available supplies of market-ready hogs and hog weights.  The five-day rolling average for barrows and gilts at the National Daily Direct is $93.58; it’s $92.83 for the Iowa/Minnesota; it’s $92.77 for the Western Corn Belt, and $95.14 for the Eastern Corn Belt.

Butcher hog prices at the Midwest cash markets are steady at $66. At Illinois, slaughter sows were $1 lower with moderate demand for moderate offerings at $42 to $54.  Barrows and gilts were $2 lower with moderate demand for moderate offerings at $55 to $65.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values were higher at midday, up $1.93 at $99.89.  Bellies and picnics were both sharply higher.  Ribs and loins were up.  Hams and butts were lower and sharply lower.