Market News

Midday cash livestock markets

Direct cash cattle markets are at a standstill. Reported asking prices are around $158+ on the live basis in the south and $256 dressed in the north. Widespread trade will wait until Thursday or Friday unless packer inquiry starts to improve. This week’s show list is larger than last week in all major feeding areas and weather is less of an issue for much of the region. The Fed Cattle Exchange is closed this week.

Boxed beef at midday was mixed with light movement. Choice was down $.15 at $279.89 and Select beef was up $1.88 at $247.52.

Last week in Kansas, feeder steers and heifers had a lighter test with a weak undertone. The USDA says demand was moderate to good. Hay demand was strong with a lot of movement. 59% of the feeder offering were steers and 53% of all feeder cattle weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 800 to 900 pounds were reported at $169 to $179.50 and 900-to-920-pound steers sold at $175.25 to $177. Medium and Large 1 feeder heifers weighing 500 to 600 pounds ranged from $170 to $177.50 and 600 to 630-pound heifers brought $156.50 to $166.

Cash hogs are steady lower with a moderate opening negotiated run for the major direct markets. Contrary to earlier expectations, it looks like many buyers are comfortable with cutting back spending while still moving enough ready numbers to keep chain speed at an acceptable level. Still, there could be higher bids Thursday or Friday with another holiday shortened week next week.

National direct barrows and gilts opened $1.01 lower with a base price range of $72 to $80 for a weighted average of $77.42, while Iowa/Southern Minnesota and the Western Corn Belt direct markets both have a weighted average of $76.71. Midwest butcher hog markets are closed this week. Illinois direct sows are $1 lower at $38 to $50 with light demand for light offerings. Barrows and gilts are steady at $56 to $66 on moderate demand and offerings. Boars range from $10 to $20.

Pork at midday was down $.08 at $90.84. Picnics, hams, and bellies were sharply lower, while loins, butts, and ribs were modestly to sharply higher.