Market News

Midday cash livestock markets

Direct cash cattle trade activity was quiet to start the week.  Bids and asking prices have not surfaced.  The bulk of the week’s business is likely going to hold out until sometime Thursday or Friday.  Deals last week were limited and through the end of the day Friday there hadn’t been much trade reported.  Dressed deals in the North ranged from $345 to $350. 

Boxed beef was higher at midday with solid demand for light offerings.  Choice was $2.71 higher at $381.54 and Select was $1.86 higher at $357.62.  The Choice/Select spread was $23.92. 

In Nebraska last week, steer calves sold $2 to $8 lower and yearling steers were steady to $6 higher.  Receipts were down from the most recent sale and down on the year.  Feeder supply included 53 percents teers with 71 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 559 to 599 pounds brought $412.50 to $447 and feeder steers 857 to 898 pounds brought $328 to $352.50.  Medium and Large 1 feeder heifers 701 to 749 pounds brought $336 to $355. 

Cash hog prices at the major directs were not reported at midday, there were just a handful of negotiated purchases.  Leverage remains with processors and they’ve continued to move needed numbers without having to get too aggressive in their procurement efforts.  The trade remains largely focused on demand and while there have been some bright spots when it comes to both global and domestic markets, there are still lingering concerns about long-term strength. The five-day rolling average for barrows and gilts at the National Daily Direct is $79.72; it’s $79.93 for the Iowa/Minnesota; it’s $79.86 for the Western Corn Belt; and $80.91 for the Eastern Corn Belt.

Butcher hog prices at the Midwest cash markets are steady 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 $53 to $63.  Boars ranged from $25 to $35 and $15 to $20. 

Pork values were higher at midday, up $.52 at $87.26.  Picnics, hams, and loins were all higher.  Ribs, bellies, and butts were down.