Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids haven’t resurfaced and asking prices are few and far between.  There’s been some light business in the North at mostly $345 dressed, which was fully steady with the prior week’s weighted average basis.  More business is still expected to develop before the end of the day. 

Boxed beef was lower and sharply higher at midday with light and heavy demand for moderate offerings.  Choice was $1.87 lower at $375.03 and Select was $3.51 higher at $354.23. The Choice/Select spread is $20.80. 

At the Ogallala Livestock Auction in Nebraska, steers and heifers were unevenly steady on yearlings.  There was no trend for cattle weighing less than 800 pounds.  The USDA says demand was moderate to good.  There were several preg-checked open heifers in the offering.  Receipts were up from two weeks ago.  Feeder supply included 49 percent steers with 91 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 807 to 833 pounds brought $340 to $359.50 and feeder heifers 901 to 919 pounds brought $330.50 to $345.25.  Medium and Large 1 feeder heifers 820 to 841 pounds brought $331 to $352 and feeder heifers 902 to 948 pounds brought $290 to $310.50. 

Cash hog prices at the major directs were not reported due to confidentiality.  Processors have pulled back in their procurement efforts, likely because they have needed numbers in hand ahead of the long holiday weekend.  The industry continues to monitor the availability of market-ready hogs and hog weights as it relates to demand.  While there continues to be some bright spots in both global and domestic markets, there are still lingering concerns about long-term demand strength. The five-day rolling average for barrows and gilts at the National Daily Direct is $89.38; it’s $89.11 for the Iowa/Minnesota, it’s $90.05 for the Western Corn Belt.   

Butcher hog prices at the Midwest cash markets are $6 lower at $60. At Illinois, slaughter sows were steady with moderate demand for light 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 firm at midday, up $.14 at $91.26.  Belies, picnics, butts, ribs, and loins were all higher.  Hams were sharply lower.