Market News

Midday cash livestock markets

Direct cash cattle markets are quiet to start out the week. The day’s big feature should be the distribution of this week’s showlist, but buyers and sellers will be motivated to get business done ahead of Thanksgiving. After last week’s trade sharply higher trade, at $108 to $110 live in the South, up $3 to $5 from the previous week’s weighted average, and $168 to $170 dressed in the North, $6 to $8 higher, asking prices are expected to be around $110 to $112 South and $172+ North.

The USDA’s cattle on feed numbers look neutral to supportive. October placements were the second lowest on record since the series of reports started in 1996 with heavyweight placements well below a year ago.

Monday, at the Joplin Regional Stockyards in Carthage, Missouri, steer and heifer calves were steady to firm, yearling steers were steady to $3 higher, and yearling heifers were steady in a light early test. The USDA says receipts were 11,000 head, up on the week and the year. Demand was moderate to good for a heavy supply, half of which were steers. 39% of feeders weighed more than 600 pounds. 500 to 600 pound Medium and Large 1 feeder steers ranged from $128 to $148 and 700 to 800 pounders brought $124 to $134, with 700 to 750 pound steer calves at $120. 500 to 600 pound Medium and Large 1 feeder heifers were reported at $114 to $129, with 550 to 600 pound replacement heifers at $126, and 600 to 700 pound heifers sold at $111 to $129. 600 to 650 pound heifer calves came out at $115 with 650 to 700 pound heifer calves at $112.

Boxed beef at midday was sharply higher. Choice was up $2.83 at $185.78 and Select was $2.03 higher at $169.04.

Cash hogs are mixed. Buyers continue to hold a lot of leverage over business thanks to the more than ample market ready numbers. Last week’s slaughter topped 2.5 million head, up about 80,000 on the week, and it looks like these more than ample numbers could continue for the next two to three weeks. With those high slaughter rates, there’s plenty of pork available. The cutout value Friday was higher with a big jump in hams. The USDA’s monthly cold storage numbers are out Tuesday with livestock slaughter numbers out Wednesday.

Western Cornbelt direct barrows and gilts opened $.10 higher at $39 to $41 with a weighted average of $40.62 and national direct trade was $.41 lower at $39 to $41 for an average of $40.02. Iowa/Southern Minnesota and Eastern Cornbelt direct markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $22 to $30. Missouri direct butchers are steady at $36 to $37 with supply and demand called light to moderate. Missouri sows are steady to $4 lower at $14 to $27. Illinois direct sows are steady at $21 to $29 on moderate demand for heavy supplies. Boars ranged from $5 to $10.

The pork cutout at midday was $1.05 higher at $74.05. Hams were down, all other primals were higher.