Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet with just a few bids noted this morning.  Live bids are $111 and dressed bids are $174 to $175.  We saw a light trade develop in the North yesterday at $175, $1 higher than last week’s weighted average basis in Nebraska.  Asking prices are holding firm at $113 to $114 live and $178-plus dressed.  Expect some clean-up business in the North as the day progresses, but there’s still a lot of business that needs to be done in the South.

At the Ogallala Livestock Auction in Nebraska, receipts are down from two weeks ago and the year.  Compared to the most recent auction steer and heifer calves were steady to $2 higher on comparable trades.  Yearling steers and heifers were $2 to $5 higher.  There was a light showing of calves, but there were nice long strings of yearling steers and heifers.  Feeder supply included 71 percent steers and 75 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 800 to 834 pounds brought $154.50 to $167.50 and feeder steers 900 to 920 pounds brought $151 to $162.  Medium and Large 1 feeder heifers 768 to 788 pounds brought $156.50 to $159.50 and feeder heifers 920 to 931 pounds brought $136.50 to $145.50.

Boxed beef cutout values are steady at midday on light demand for light offerings.  Choice down $.19 at $203.67 and Select down $.01 at $191.97.  The Choice/Select spread is $11.70.

Cash hogs opened higher with light negotiated purchase totals.  Buyers have had to work a little harder to move numbers today.  But there’s still worry over the supply/demand picture.  We’ve seen huge slaughter runs this week at higher weights as the Southeast works to make up for the slowdown following Hurricane Florence.  That’s a lot pork entering a market that is already saturated.  The USMCA should eventually provide some price support, but Mexico has yet to lift its 20 percent tariff on US pork.  Barrows and gilts at the Western Corn Belt opened $1.41 higher with a range of $61 to $65 for a weighted average of $64.61 and National Daily Direct is $.50 higher with a range of $59.50 to $65 for a weighted average of $63.73.  The Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $48 at Dorchester, Wisconsin.  At Illinois, slaughter sow receipts are down on the week and up on the year.  Prices are $1 higher at $22 to $34 with moderate demand for light to moderate offerings.  Barrows and gilts are $1 higher at $37 to $46 with moderate demand for moderate offerings.

Pork cutout values are weak at the midday – down $.66 at $79.25.  The primals are mostly lower with sharp declines in the ribs and hams.  Loins and butts are lower, bellies are weak, and picnics are higher.