Market News

Midday cash livestock markets

Direct cash cattle business remains at a standstill. Bids and asking prices are poorly defined with widespread trade not expected until Thursday or Friday. Show lists generally look smaller in most of the major feeding areas. The trade that has been reported this week has been too light to establish a trend, including a few at $180 live in Nebraska Tuesday and $290 dressed in Iowa Monday.

At the Philip Livestock Auction feeder cattle sale in South Dakota, there was no comparison due to a lack of recent reports caused by the seasonally low supply, with receipts below the last test in late July, but above a year ago. The USDA says there was good demand and an active market for several long strings, load lots, and packages of feeder steers, feeder heifers, and tested open replacement heifers. Almost all of the supply was off grass, carrying light to moderate flesh with favorable weighing conditions. 53% of the offering were steers and the entire run weighed more than 500 pounds. Medium and Large 1 feeder steers weighing 956 to 984 pounds ranged from $236.50 to $242 and Large 1 steers weighing 1,001 to 1,009 pounds brought $236.50. Medium and Large 1 feeder heifers weighing 800 to 890 pounds sold at $237.50 to $245.50 and 900-to-985-pound heifers were reported at $229.50 to $241.

Boxed beef at midday was mixed with good movement. Choice was down $.16 at $307.87 and Select beef was up $1.24 at $285.02, for a Choice/Select spread of $22.85.

Cash hogs are lower with a light to moderate opening negotiated run at the major direct markets. It looks like buyers are comfortable with near term supplies and don’t seem interested in raising bids due to uncertainties about sustained pork demand. The average barrow and gilt weight in the Iowa/southern Minnesota/South Dakota reporting area for the week ending September 9th was 279.0 pounds, up 3.3 on the week, but down 1 on the year.

National direct barrow and gilts opened $.29 lower with a base price range of $73.50 to $80 for a weighted average of $79.04. Iowa/Southern Minnesota had a weighted average of $79.71, with the Western Corn Belt averaging $79.44 and the Eastern Corn Belt averaging $76.78, all close to their five-day rolling averages. The butcher hog market in Dorchester, Wisconsin is $2 lower at $58. Illinois direct sows were down $2 at $34 to $45 with moderate demand for heavy offerings. Barrows and gilts were $2 lower at $42 to $52 on moderate demand and offerings. Boars ranged from $10 to $25.

Pork at midday was down $.79 at $100.41. Hams and bellies were lower, canceling out the gains in loins, butts, picnics, and ribs.

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