Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are around $144 to $145 on the live basis in the south and $230+ dressed in the north. Bids are $141 live and $224 to $227 dressed. Many packers are short bought, even after moving some supplies forward last week. The uncertainties about a potential railroad strike are also contributing to some of the cautious cash livestock business. This week at the Fed Cattle Exchange, 1,728 head were on offer, with zero sales.

Boxed beef at midday is sharply lower with moderate to heavy movement. Choice is down $2.46 at $254.20 and Select beef is $2.77 lower at $230.81.

At the Imperial Auction Market feeder cattle sale in Nebraska, there was no comparison to the last reported test, with receipts up sharply and also above year ago levels. The USDA says demand was good for a nice selection of calves and feeders. 59% of the offering were heifers and 58% of the run weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 400 to 500 pounds were reported at $211 to $245 and 510-to-532-pound steers ranged from $216.50 to $239. Medium and Large 1 feeder heifers weighing 400 to 500 pounds sold at $185 to $216 and 700-to-800-pound heifers brought $165.50 to $180.

Cash hogs are mostly steady, with a big opening negotiated run at the major direct markets. The major direct markets have no trend to start Wednesday but were up sharply yesterday with only light movement. However, the wholesale trend has been inconsistent, leaving packers wary of their margins. Iowa/Southern Minnesota direct barrows and gilts last week averaged 280 pounds per head, a gain of 2.3 from the previous week, but a loss of 2.1 from a year ago.

The opening trends for the major direct markets were not reported due to confidentiality. National direct barrows and gilts had a base price range of $89 to $102.50 with a weighted average of $97.02, with Iowa/Southern Minnesota at $100.92 and the Western Corn Belt averaging $100.54.

Butcher hogs at the Midwest cash markets are steady at $70. Illinois direct sows are steady at $58 to $70 on light to moderate demand and offerings. Barrows and gilts are $1 lower at $67 to $76 with moderate demand for moderate offerings. Boars range from $9 to $41.

Pork at midday is up $.38 at $105.15. Loins, butts, picnics, ribs, and hams are firm to sharply higher, while bellies were sharply lower, falling $8.82.