Market News

Midday cash livestock markets

Direct cash cattle trade in the North is reported at $172 on the dressed basis, steady with Thursday’s activity and up $1 to $2 from last week’s weighted average in Nebraska. Thursday, Southern trade was moderate at $108 on the live basis, steady with last week. The South may be wrapped up, but there’s still some trade left to do in the North after Thursday’s light activity. Asking prices are $110 live and $174+ dressed with bids at $108 live.

Boxed beef at midday was mixed. Choice was up $.31 at $196.72 and Select was down $.15 at $188.96.

At the Valentine Livestock Auction feeder cattle sale in Nebraska, there was no comparable test because of no sale last week, but the USDA says demand was very good. 61% of the feeder supply were steers and almost 95% of the weekly offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 710 to 780 pounds were reported at $171.50 to $182.75 and 800 to 890 pound steers brought $163.75 to $175. Medium and Large 1 feeder heifers weighing 815 to 900 pounds ranged from $145.50 to $155.25 and 900 to 1,000 pounders sold at $136.50 to $148.85.

Cash hogs are mixed. Buyers want to use ample market ready numbers and solid processing margins to their advantage, but increased competition appears to be keeping a floor under things, at least at midday. Saturday’s kill is expected to top 240,000 head. The USDA’s quarterly hogs and pigs report confirmed the record domestic supply, which is expected to continue to expand over the next few months. Still, while all the major categories were up on the year, some of them did fall at least a little short of what analysts had been expecting.

Pork at midday was $2.43 higher at $74.88. Bellies jumped $9.82, loins were up $2.05, and hams were $1.91 higher.

Western Cornbelt direct barrows and gilts opened $.40 lower at $42 to $48 for a weighted average of $47.13 and national direct business is down $.35 at $42 to $48 with an average of $46.86. Butcher hogs at the Midwest cash markets are steady at $36. Missouri direct butchers are steady to $1 higher at $42 to $43 on light to moderate supply and demand. Sows are steady at $18 to $30.