Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet. What direct trade we have seen this week has been scattered to light, not enough to establish a trend. Asking prices today are $125 live and $200 to $203 dressed, with bids of $121 live and $190 to $192 dressed. Buyers and sellers will continue to monitor the futures market, wholesale business, and basis levels. Widespread trade could develop in the next few hours, or it could wait until Friday. Weekly beef exports were down a little on the week at 18,500 tons.

Boxed beef at midday was higher with moderate movement. Choice was up $1.22 at $219.75 and Select was $1.76 higher at $204.91.

At the Huss Platte Valley Auction feeder sale in Nebraska Wednesday, compared to two weeks ago, steers weighing less than 650 pounds were $10 to $15 higher and steers weighing more than 650 pounds were $3 to $7 higher. Heifers weighing less than 800 pounds were $9 to $12 higher and heifers weighing more than 800 pounds were $2 to $6 higher. The USDA says demand was good with a large crowd in attendance. 57% of the feeder offering were steers and almost 81% of the weekly run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 800 to 900 pounds were reported at $130.50 to $149.10 and 900 to 1,000-pound steers sold at $121.25 to $135.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds brought $143.75 to $160 and 700 to 800-pound heifers ranged from $130 to $148.25.

Cash hogs are mixed, with a lower undertone and another very light to moderate set of opening negotiated numbers for the major direct markets. Futures are currently carrying a significant premium to cash business and while wholesale business is showing some signs of seasonal improvements, there’s a lot of pork available and some export demand uncertainties. Saturday’s kill is expected to be around 50,000 head. Weekly pork sales were up 47% on the week at 26,400 tons.

Pork at midday was up $.61 at $69.10. Ribs dropped $3.11, hams lost $1, and picnics were $.95 lower, but loins were up $1.69, bellies were $2.51 higher, and butts jumped $2.62.

Iowa/Southern Minnesota direct barrows and gilts opened $.40 lower at $53 to $58.50 for a weighted average of $58.09 and the Western Cornbelt is down $.25 at $53 to $58.50 with an average of $58.09, but national direct business is $.02 higher at $53 to $58.50 for an average of $58.32. Butcher hogs at the Midwest cash markets are steady to $2 lower at $37 to $42. Missouri direct butchers are steady at $45 to $52 on light to moderate supply and demand. Sows are steady at $30 to $44. Illinois direct sows are $2 higher at $32 to $45 on moderate demand for light to moderate offerings. Barrows and gilts are $1 higher with moderate demand and offerings. Boars range from $8 to $17.