Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet, typical for a Monday.  Bids and asking prices have yet to surface as buyers and sellers are preparing for the week ahead.  Last week, deals in the South were at mostly $222, down $3 from the previous week’s weighted averages.  Dressed business in the North was at mostly $345, down $10 from the prior week’s weighted average basis. 

Boxed beef was lower and sharply lower at midday with light demand for heavy offerings.  Choice was down $1.93 at $375.20 and Select was $6.57 lower at $354.51.  The Choice/Select spread was $20.69. 

In Nebraska last week, seven and nine weight steers were $2 lower and eight weights were $8 lower.  Steers 1000 to 1050 pounds were $6 lower.  Heifers 600 to 700 pounds were steady, seven-weights were $1 lower, eight-weights were $10 lower, and nine-weights were $2 lower.  The USDA says demand was mostly moderate with instances of good.  Receipts were up on the week and the year.  Feeder supply included 56 percent steers with 96 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 810 to 896 pounds brought $327.50 to $354.50 and feeder steers 902 to 949 pounds brought $307 to $344.  Medium and Large 1 feeder heifers 650 to 695 pounds brought $336 to $402.50 and feeder heifers 855 to 896 pounds brought $282 to $332. 

Cash hogs are lower at midday with solid negotiated purchases.  A slow start to the week for the cash hog market wouldn’t be a big surprise.  Leverage is with the packers, and they’ve been able to move needed numbers at their pace.  Demand remains crucial, and while there have been some bright spots in both global and domestic markets, there to be long-term concerns about strength. Barrows and gilts at the National Daily Direct are $1.00 lower with a base range of $86 to $89 with a weighted average of $88.65.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are at $64. At Illinois, slaughter sows were steady with moderate demand for moderate offerings at $43 to $55.  Barrows and gilts were steady with moderate demand for moderate offerings at $55 to $65.  Boars ranged from $22 to $32 and $10 to $13. 

Pork values were sharply higher at midday, up $3.49 at $99.55.  Bellies jumped more than $12 to start the day.  Picnics, loins, and ribs were also sharply higher.  Butts were up.  Hams were down.