Market News

Midday cash livestock markets

Direct cash cattle markets remain at a standstill. Asking prices have been refreshed at $188 to $189 on the live basis in the south, while there are no reported asking prices yet for the dressed basis in the north. Bids have surfaced at $185 live in Texas and $290 dressed in Nebraska. Packer inquiry should continue to improve, but widespread trade could wait until Thursday or Friday.

At the Ozark Regional Stockyards feeder cattle auction in Missouri, compared to the previous week’s light run, feeder steers and heifers weighing more than 700 pounds were steady to $5 higher, while steer and heifer calves weighing less than 700 pounds were $10 to $20 higher. The USDA says demand was very good for grazing type calves, especially those weaned more than 60 days with two or more rounds of shots. The supply was moderate, and quality was called above average. 50% of the offering were steers, 43% were heifers, and 6% were bulls, with 55% of the total run weighing less than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds were reported at $302 to $335 and 600-to-700-pound steers sold at $255 to $283. Medium and Large 1 feeder heifers weighing 450 to 550 pounds ranged from $250 to $287.50 and 550-to-650-pound heifers brought $244 to $265.

Boxed beef at midday was lower with light to moderate movement. Choice was down $.78 at $307.49 and Select beef was $1.05 lower at $278.87.

Cash hogs are mostly steady with light to moderate opening negotiated numbers at the major direct markets. There is a higher undertone as it looks like most buyers are still in need of some near-term supplies, but any significant upside could be limited by the recent trend in the wholesale market. It’s up at midday but has lost a lot of ground this week. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting area for the week ending November 9^th was 286.6 pounds, up eight tenths on the week, but down seven tenths on the year.

The major direct barrow and gilt markets mostly had no recent comparison. National direct barrows and gilts have a base price range of $86 to $90 with a weighted average of $87.99, while Iowa/Southern Minnesota and the Western Corn Belt are both averaging $87.90. The Eastern Corn Belt was not reported due to confidentiality.

Butcher hogs at the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa are steady at $60. Illinois direct sows are steady at $51 to $62 with moderate demand for heavy offerings. Barrows and gilts are $1 higher at $47 to $57 on moderate demand and offerings. Boars range from $15 to $30.

Pork at midday was up $1.36 at $99.04. Loins, butts, hams, and bellies were higher, canceling out losses in picnics and ribs.