Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices have surfaced at $188 to $189 on the live basis in the south, not established for the dressed basis in the north, with no bids being reported as of yet. It looks like widespread trade will wait until the second half of the week. This week’s show list looks mixed, larger in Texas, smaller in Colorado, Kansas, and Nebraska.

At the Oklahoma National Stockyards feeder cattle sale Monday, compared to the previous week, feeder steers were $2 to $4 higher, except 600-to-700-pound steers which were up $10, while feeder heifers were steady to $2 higher and steer and heifer calves were $10 to $20 higher. The USDA says demand was very good for an average quality offering, with aggressive demand for calves partially due to recent rain helping wheat pasture conditions. Receipts were up on the week, down on the year. 62% of the offering were steers and 54% of the total run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds sold at $280 to $329 and 600-to-700-pound steers ranged from $255 to $279. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $240 to $283 and 600-to-700-pound heifers brought $230 to $255.

Boxed beef at midday was modestly higher with light movement. Choice was up $.61 at $308.82 and Select beef was $.36 higher at $282.20.

Cash hogs are steady with moderate opening negotiated numbers at the major direct markets. Most buyers are likely in need of some near-term supplies after slow trade last week and a slow start to this week. There is talk market ready numbers are tighter than previously projected, but demand could be limited by what looks like the start of a lower trend in the wholesale market.

The major direct markets were not reported due to confidentiality. The five-day rolling average is $84.01 for national direct barrows and gilts and $84.70 in the Western Corn Belt. Butcher hogs at the Dorchester, Wisconsin and Garnavillo, Iowa markets are steady at $60.

Pork at midday fell $2.23 to $99.23. Loins and bellies were sharply lower, more than canceling out gains in butts, picnics, ribs, and hams.