Midday cash livestock markets
Direct cash cattle trade activity is quiet fowling the moderate to active trade earlier this week. Northern dressed business has ranged from $209 to $211, mostly $210, which is about $3 higher than last week’s weighted average basis in Nebraska. Southern live deals were at $132 to $134, mostly $133 to $134, $1 to $2 higher than last week’s weighted averages. Asking prices for cattle left on show lists are around $134 live in the South and $211 dressed in the North. While there could be a little clean-up trade could take place yet today, the bulk of the week’s business has likely wrapped up.
Boxed beef is higher at midday on good demand for moderate offerings. Choice is $1.90 higher at $278.06 and Select is $1.15 higher at $264.31. The Choice/Select spread is $13.75.
At the Ogallala Livestock Auction in Nebraska, compared to last week steers were steady to $9 lower. Heifers were steady to $4 lower, except 600-pound heifers which were $7 higher. The USDA says demand was good to moderate. Receipts were down on the week and up on the year. Feeder supply included 55% steers and 35% of the offering was over 600 pounds. Medium and Large 1 feeder steers 555 to 590 pounds brought $167.50 to $178 and feeder steers 607 to 646 pounds brought $155.50 to $168.50. Medium and Large 1 feeder heifers 453 to 498 pounds brought $155.50 to $173.50 and feeder heifers 508 to 544 pounds brought $155.25 to $170.
Cash hogs are weak at midday with moderate negotiated numbers. Demand for US pork on the global market has been strong, which is expected to continue. However, there are some long-term demand concerns, which has been adding pressure to prices. Processors continue to monitor the availability of market-ready barrows and gilts and have been able to move their desired numbers without having to bid up.
Barrows and gilts are $.16 lower with a base range at $54 to $56.75 with a weighted average of $54.97. Prices at the regional direct markets were not reported due to confidentiality.
Pork values were not reported at midday due to technical issues at the USDA.