Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet again.  There were a handful of deals reported on Wednesday in the North, but not enough business to establish an accurate price trend for the week.  Bids have resurfaced at $224 live in the South and $342 to $350 dressed in the North.  More business is needed, but could hold out until the end of the week, especially with Friday’s Cattle on Feed report.

Boxed beef was sharply lower at midday with light demand for solid offerings.  Choice was down $3.68 at $372.13 and Select was $2.30 lower at $352.27.  The Choice/Select spread is $19.86. 

At the Bassett Livestock Auction in Nebraska, there were limited comparable offerings, but steers, 1000 pounds were $4 higher.  Heifers, 900 pounds were $11 higher.  The USDA says demand was good with several buyers both in house and online.  Receipts were up from the most recent sale, but down on the year.  Feeder supply included 36 percent steers with 99 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 710 to 728 pounds brought $373 to $378.50 and feeder steers 967 pounds brought $341.50.  Medium and Large 1 feeder heifers 614 to 643 pounds brought $357.50 to $365 and feeder heifers 906 to 948 pounds brought $287 to $315.50. 

Cash hog prices at the major directs were not reported at midday due to confidentiality, there were just a few negotiated purchases.  The market has struggled with consistent upward movement.  Demand remains crucial to the market, and while there have been some bright spots in some aspects of both global and domestic demand, there are lingering concerns around long-term strength.  Processors continue to have leverage and are moving needed numbers at their pace, which doesn’t always bode well for higher prices.  The USDA did report a strong week for export sales. The five-day rolling average for barrows and gilts at the National Daily Direct is $84.24; it’s $83.50 for the Iowa/Minnesota; it’s $83.48 for the Western Corn Belt; and it’s $84.61 for the Eastern Corn Belt. 

Butcher hog prices at the Midwest cash markets were $2 lower at $60. At Illinois, slaughter sows were steady with moderate demand for light to 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 higher at midday, up $1.93 at $88.28.  Picnics, butts, and bellies were all sharply higher.  Hams were also up.  Ribs and loins were lower.