Market News

Midday cash livestock markets

Direct cash cattle trade is starting to develop.  A few deals have been reported in Nebraska at $345 to $348, that’s below the week’s earlier business and down from last week’s weighted average basis.  Still no movement out of the South, but bids have been floated at $226 live.  More trade is expected over the balance of the week. 

Boxed beef was sharply lower at midday with light demand for moderate offerings.  Choice was down $3.81 at $378.98 and Select was $5.45 lower at $355.14.  The Choice/Select spread is $23.84. 

At the Bassett Livestock Auction in Nebraska, steers were $2 to $11 higher and heifers 950 to 1000 pounds were $3 to $6 lower.  The USDA says demand was good, which was supported by several buyers in house and online.  Receipts were on part with the most recent sale, and up on the year.  Feeder supply included 54 percent steers with the entire offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 893 pounds brought $360 and feeder steers 955 to 995 pounds brought $322 to $358.  Medium and Large 1 feeder heifers 911 to 944 pounds brought $298.50 to $312 and feeder heifers 956 to 972 pounds brought $300.50 to $301.50. 

Cash hogs were not reported at midday with very few negotiated purchases.  Processors aren’t very aggressive in their procurement efforts and following a few days of decent business could have most of their needed numbers in hand.  Supplies of market-ready hogs have been ample and that has the industry keeping a close eye on demand, both globally and domestically.  Pork export sales held steady this week, but is up 10 percent from the prior 4-week average.  Mexico continues to be a strong buyer. The five-day rolling average for barrows and gilts at the National Daily Direct is $78.02; it’s $78.01 for the Iowa/Minnesota; it’s $78.00 for the Western Corn Belt.

Butcher hog prices at the Midwest cash markets are steady at $60. 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 $53 to $63.  Boars ranged from $25 to $35 and $15 to $20. 

Pork values were $.10 higher at $85.05.  Butts, hams, and ribs were higher, while bellies, picnics, and loins were down.