Market News

Midday cash livestock markets

The cash cattle trade may be wrapped up for the week, with the exception of a few cleanup deals. USDA Mandatory reported a moderate trade with good demand on Thursday. In the South cattle ranged from 136.00 to 137.00, $4.00 to 6.00 higher than last week. The Nebraska dressed market was $6.00 to 7.00 higher from 215.00 to 216.00. A limited amount of live sales ranged from 135.00 to 137.50. A few sales were reported in Iowa from 135.00 to 136.00 live and 215.00 to 216.00 dressed.

Boxed beef cutouts in the morning report were mixed. Choice beef is down .23 at 245.35, select 217.95, up .73.

Feeder cattle receipts at Missouri auctions this week totaled 13,656 head. Feeder steers and heifers sold mostly 5.00 higher than last week. The supply was light as many auctions remained dark on Monday in observance of Memorial Day and not all but several other auctions had light supplies as well. Bidding activity and price levels gained strength at a rapid pace starting mid-week. Higher futures and improved cash prices supported the auction trade late in the week. Feeder steers medium and large 1 averaging 620 pounds brought 171.45 per hundredweight. 623 pound heifers averaged 145.34.

The Ogallala, Nebraska Livestock Market had 4,925 head on the sale list on Thursday. A market trend was not available as the sale has not been reported for several weeks. However a sharply higher undertone was noted on the Annual BBQ Sale. The large crowd of buyers bid readily from start to finish for mostly home raised fall calves and yearlings. Feeder steers medium and large 1 averaging 842 pounds brought 164.58 per hundredweight. 823 pound heifers’ traded at 151.08.

The Rock Valley, Iowa Hay Auction had 71 loads on Thursday. Alfalfa and grass hay was steady with weaker undertones noted. Good large squares of alfalfa brought 87.50 to 117.50. Large rounds traded from 85.00 to 95.00. Premium large rounds of grass ranged from 90.00 to 115.00. Prices quoted are on a per ton basis FOB Rock Valley vicinity.

Barrows and gilts in the Iowa Minnesota and Western direct trade are not reported due to confidentiality. Nationally the hog market is 1.17 lower at 72.20 weighted average on a carcass basis. The Missouri direct base carcass meat price is steady from 63.00 to 67.00. A light trade in Midwest hogs on Friday on a live basis, steady from 48.00 to 50.00.

The pork carcass cutout value .34 higher at 91.78 FOB plant. All primal cuts are higher.

The inability of nearby lean hog futures on Thursday to build on recent gains given explosive cattle futures and sound pork fundamentals was more than a little discouraging, possibly another sign that the hog rally is starting to run out of gas, according to DTN.