Market News

Midday cash livestock markets

Direct cash cattle markets remain at a standstill. While packer inquiry should start to improve soon, there are no reported bids or asking prices and it looks like widespread activity will wait until at least Thursday. Demand has been light in most of the major feeding areas, partially due to generally hot, dry weather and last week’s significant purchases for delayed delivery. Expectations are for another round of lower direct business this week as sellers try to move cattle out of feedlots to make room for the recent increase in placements.

At the Winter Livestock Auction cattle sale in Colorado, there was no comparison to the previous test, with the receipts up on the week, down on the year. The USDA says 61% of the offering were feeder cattle, 54% of the feeders were steers, and 80% of the that feeder offering weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 450 to 550 pounds ranged from $288 to $320 and 550 to 650-pound steers were reported at $263 to $274. Medium and Large 1 feeder heifers weighing 300 to 400 pounds brought $314 to $330 and 400-to-500-pound heifers sold at $262.50 to $283.

Boxed beef at midday was lower with light to moderate movement. Choice was down $2.02 at $309.95 and Select beef was $.56 lower at $299.69.

Cash hogs are mostly steady with no reported negotiated sales at the major direct markets. Buyers were able to move moderate negotiated numbers at lower prices yesterday but might have run into some resistance and could have to raise bids to secure supplies for the rest of this week. Still, buyers do not seem to be all that aggressive this week with an eye on next week’s holiday. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting region for the week ending August 24^th was 282.5 pounds, up 1.4 on the week and 8.2 on the year.

The major direct barrow and gilt markets were not reported due to confidentiality. The five-day rolling average for national direct is $81.19, with Iowa/Southern Minnesota and the Western Corn Belt at $80.98 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 and offerings. Barrows and gilts are $2 lower at $45 to $55 also on moderate demand for moderate offerings. Boars range from $8 to $28.

Pork at midday was up $.44 at $96.49. Loins, ribs, hams, and bellies were firm to sharply higher, while butts and picnics were sharply lower.