Market News

Midday cash livestock markets

Direct cash cattle business is starting to trickle in. Activity is being reported at $183 on the live basis in Kansas and Texas, steady with Tuesday, but $2 lower than last week. Asking prices are $186 live and $295 dressed with bids at $186 live and $295 dressed in Nebraska. Tuesday’s trade was at $183 to $184 live, down $1 to $2, with a dressed sales mostly at $293 to $294, a drop of $4 to $5. One string of dressed cattle did sell at $295 Tuesday.

Boxed beef at midday was higher with light movement. Choice was up $.67 at $315.15 and Select beef was $1.20 higher at $302.24 for a spread of $13.51.

At the Kingsville Livestock Auction feeder cattle sale in Missouri, compared to the last report two weeks ago, steer and heifer calves weighing less than 550 pounds were lightly tested with a steady undertone, while mid-weight, long-weaned calves weighing 550 to 700 pounds were mostly steady with a few bringing higher prices and yearlings were $4 to $8 lower. The USDA says supply and demand were both moderate, with receipts down from the previous test, but up on the year. 91% of the offering were feeder cattle, 58% of those were heifers, and 66% of all feeders weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds ranged from $264.50 to $300 and 700-to-800-pound steers sold at $247 to $265.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $258 to $287 and 600-to-700-pound heifers brought $241 to $265.

Cash hogs are steady to sharply lower with light to moderate negotiated sales. It looks like most buyers have the needed near-term numbers in hand after Tuesday’s solid negotiated movement, but there could always be a slightly firmer undertone later this week if some of those buyers want to secure supplies for early next week. Domestic demand remains largely inconsistent and the market is waiting to see what shows up in Thursday’s weekly export sales report. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting area for the week ending August 17^th was 281.1 pounds, up one tenth on the week and 2.8 on the year.

National direct barrows and gilts opened $2.07 lower with a base price range of $80 to $84 for a weighted average of $82.15, with Iowa/Southern Minnesota down $1.21 at $82.18 and the Western Corn Belt $2.15 lower at $82.17. The Eastern Corn Belt was not reported due to confidentiality.

The Midwest butcher hog markets at Dorchester, Wisconsin and Garnavillo, Iowa are $3 lower at $66. Illinois direct sows are steady at $53 to $65 with moderate demand for moderate to heavy offerings. Barrows and gilts are steady at $48 to $58. Illinois boars range from $8 to $28.

Pork at midday was up $2.15 at $99.69. Loins and picnics were sharply higher, and bellies surged $14.58, canceling out lower moves in butts, ribs, and hams.