Market News
Midday cash livestock markets
Friday is off to a slow start for direct cash cattle trade activity following the light to moderate business that took place on Thursday. No bids have surfaced and asking prices for what’s left on showlists is around $186-plus live in the South and $295-plus dressed in the North. While some cleanup trade could take place over the course of the day, it’s likely the bulk of the week’s business has wrapped up. Northern dressed deals were marked at mostly $294, about $2 higher than the prior week’s weighted averages. Live deals in the South were at $184 to $185, $1 to $2 higher than the previous week’s business.
Boxed beef is higher at midday on strong demand for solid offerings. Choice is $1.02 higher at $305.14 and Select is $.76 higher at $278.24. The Choice/Select spread was $26.90.
At the Ogallala Livestock Auction in Nebraska, feeder steers were unevenly steady and feeder heifers were $2 to $6 lower. The USDA says demand was moderate to good. Receipts were up on the week and the year. Feeder supply included 46% steers and 37% of the offering was over 600 pounds. Medium and Large 1 feeder steers 453 to 491 pounds brought $312.50 to $330 and feeder steers 553 to 592 pounds brought $282.50 to $294.50. Medium and Large 1 feeder heifers 555 to 559 pounds brought $251 to $261.50 and feeder heifers 859 to 891 pounds brought $217.50 to $228.
Cash hogs were lower at midday with fairly light negotiated purchases. Processors weren’t aggressive in their procurement efforts. Processors likely have needed numbers on hand. While demand for US pork on the global market has been relatively strong, there are lingering concerns it could wane. Domestic demand could see a bump as pork could become more competitively priced at the grocery store. The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct $3.82 lower with a base range of $67 to $74 and a weighted average of $69.85. Prices at the Regional Direct Markets were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $55. At Illinois, slaughter sow prices were $1 higher with moderate demand for moderate offerings at $22 to $34. Barrows and gilts were steady with moderate demand for moderate offerings at $39 to $49. Boars ranged from $18 to $21 and $5 to $10.
Pork values are $.88 higher at $88.01. Hams are sharply higher. Loins and butts were higher. Ribs, bellies, and picnics were lower to sharply lower.
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Author: Meghan Grebner