Market News

Midday cash livestock markets

Direct cash cattle trade is picking up.  There are a few deals in parts of Eastern Nebraska at $175 dressed – $1 higher than last week’s weighted average.  We could see more trade develop today, but it’s likely significant business won’t happen until sometime on Friday.  Asking prices are firm at $113 to $114 live and $180-plus dressed.  Bid are at $108 to $109 live and $175 dressed.

At the Huss Platte Valley Auction in Nebraska, receipts are down from two weeks ago and on the year.  There isn’t enough of a comparable offering to establish a trend.  However, a higher undertone was noted.  The demand was good from an active crowd.  Feeder supply included 54 percent steers and 55 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 455 to 493 pounds brought $190 to $208 and feeder steers 623 to 634 pounds brought $175 to $182.  Medium and Large 1 feeder heifers 554 to 556 pounds brought $165.25 to $175 and feeder heifers 605 to 641 pounds brought $161.50 to $169.75.

Boxed beef cutout values are lower on light demand for moderate offerings.  Choice opened $.60 lower at $203.82 and Select is $.56 lower at $191.74.  The Choice/Select spread is $12.08.

Cash hogs opened lower with moderate negotiated purchase totals.  Cash prices have pulled back a bit recently.  With hog weights rising and massive slaughter runs, there is a lot of pork entering a market that is battling ongoing supply/demand uncertainty.  The market is still watching the African Swine Fever situation in China.  If there is a market disruption there, it could open the door for more US pork to enter the global market.  But the lack of certainty doesn’t give the markets much solid ground to make any moves.  Barrows and gilts at the Iowa/Southern Minnesota opened $.91 lower with a range of $60 to $64.50 for a weighted average of $62.64; the Western Corn Belt opened $.90 lower with a range of $60 to $64.50 for a weighted average of $62.64; the Eastern Corn Belt had no comparison but a range of $60 to $64 with a weighted average of $63.25; and the National Daily Direct opened $.43 lower with a range of $60 to $64.50 for a weighted average of $62.98.

Butcher hogs at the Midwest cash markets are steady at $40 and $48. At Illinois, slaughter sow receipts are drastically lower from last week with prices $1 higher at $21 to $33 on moderate demand for moderate offerings.  Barrows and gilts are steady at $37 to $45 with moderate demand for moderate offerings.

Pork cutout values are $.41 lower at $79.96. Butts, picnics, ribs, and loins are all lower while hams are steady, and bellies are firm.