Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Bids and asking prices remain unreported and this week’s show list looks at least somewhat larger in all the major feeding areas. Early expectations are for another round of lower direct business this week as sellers try to move cattle out of feedlots. A significant portion of last week’s trade was done for delayed delivery, which could limit this week’s demand to some extent. High heat in the region is a near-term concern.

At the Oklahoma National Stockyards feeder cattle sale in Oklahoma City, compared to the previous week, steers were steady to $2 lower and heifers were unevenly steady. The USDA says demand was moderate to good, holding up better than expected due to high heat and a mostly plain quality offering. Receipts were up on the week and the year. 59% of the offering were steers and 76% of all feeder cattle weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds were reported at $256 to $280 and 700-to-800-pound steers sold at $237 to $259. Medium and Large 1 feeder heifers weighing 600 to 700 pounds ranged from $238.50 to $261 and 700-to-800-pound heifers brought $226 to $238.

Boxed beef at midday was higher with light to moderate movement. Choice was up $.38 at $316.28 and Select beef was $3.48 higher at $303.67 for a spread of $12.61.

Cash hogs are steady with light opening negotiated numbers at the major direct markets. Buyers are likely in need of some near-term supplies after the slow start to the week. However, interest will probably be held in check by the ample market ready numbers and the ongoing uncertainties about sustained domestic demand ahead of the last official grilling holiday of summer.

National direct barrows and gilts had no comparison with a base price range of $79 to $81 for a weighted average of $80.23. The major regional direct markets were not reported due to confidentiality. The five-day rolling average for Iowa/Southern Minnesota is $81.83, with the Western Corn Belt at $81.79 and the Eastern Corn Belt at $79.79. The butcher hog markets in Dorchester, Wisconsin and Garnavillo, Iowa are steady at $66. Illinois direct sows are steady at $53 to $65 on moderate demand for heavy offerings. Barrows and gilts are steady at $47 to $57 with moderate demand and offerings. Boars range from $8 to $28.

Pork at midday was up $.03 at $95.01. Hams were steady, with butts, loins, and picnics firm to sharply higher, while ribs were down modestly, and bellies were sharply lower.