Market News
Midday Cash Livestock Market
In cash cattle country, activity is picking up a bit in parts of western Nebraska with live bids at $198, up $1 from the previous week. The rest of the business was quiet on Friday, but packer inquiries should continue to improve as the day progresses. Live bids were at $188 in Kansas and $198 in Nebraska. Slaughter bids were reported at $312 in Nebraska. Prices ranged from about $192 to $195 in the south to over $315 in the north.
Beef cutouts were up midday with slight to moderate box movement. Choice was up $2.40 at $325.73 and Select was up $2.11 at $304.81. The Choice/Select spread was $20.92.
The Bassett Livestock Auction in Nebraska did not conduct recent market testing for an accurate comparison and did not indicate trends regarding the offering of feeder steers or heifers. USDA stated that demand was good for all fall weaned calf and pasture yearling offerings. There were several buyers at the barn and active bidding on the Internet. 47% of the feeder cattle were steers and 76% of the offerings were over 600 pounds. Medium and large 1 feeder steers between 603 and 648 pounds sold for $313 to $338, and feeder steers over 1000 pounds sold for $246 to $250.25. Medium and large 1 feeder heifers between 550 and 598 pounds sold for $320 to $348, and feeder heifers between 854 and 883 pounds sold for $234.25 to $246.25.
Cash pork was mixed as of midday with small initial price gains from negotiations in the main direct market. A less active week will end quietly as buyers use leverage to get the short-term numbers they need. Trading this week may also be weak with some business closures expected on Independence Day Thursday the 4th. Exports are strong but the sustainability of domestic demand remains a question mark, which is reflected in the recent large fluctuations in the wholesale market.
National Dairy Direct bulls and heifers fell $2.13, with base prices of $85 to $89 and a weighted average price of $87.46. Iowa/Minnesota, Western Corn Belt and Eastern Corn Belt were not reported due to confidentiality.
Pork markets in Dorchester, Wisconsin, and Garnabillo, Iowa, were closed Friday. In Illinois, slaughter sow prices increased $2, to $63 to $75, with moderate demand for moderate to large supply. Barrows and gilts were stable, to $52 to $62, with moderate demand for medium supply. Boars were $8 to $28.
Pork prices were up at midday, up $4.93 to $99.83, with all cuts increasing.
