Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. The day’s big features should be the assessment of last week’s business and the distribution of this week’s showlist. Last week’s trade was light to moderate, mostly steady on the live basis and generally a dollar lower for dressed. This week’s showlist looks mixed, higher in Texas, nearly unchanged in Colorado, and smaller in Kansas and Nebraska. Widespread direct business isn’t expected to get underway until the second half of the week. The U.S. and Canada reached a deal overnight preserving NAFTA, now known as the United States Mexico Canada Agreement or USMCA.

Boxed beef at midday sharply higher with light movement. Choice was up $1.07 at $204.95 and Select was $1.04 higher at $194.48.

At the Burwell Livestock Market feeder cattle sale in Nebraska Friday, there was no real comparison to the last test two weeks ago, but receipts were up sharply. The USDA says demand was good with high internet activity, in addition to several buyers being in attendance. 60% of the offering were steers and 64% of the run weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds brought $175.50 to $192 and 300 head of steer calves averaging 626 pounds ranged from $178.50 to $186. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $163 to $175 and 600 to 700-pound heifer calves sold at $152 to $164.

Cash hogs are steady to weak with light opening negotiated numbers. It’s a quiet start to the week, but buyers are could raise bids to keep chain speed running at a high level. There’s a lot of product available, but this is October Pork Month, and the USMCA is also expected to be positive for demand. The industry continues to monitor production capacity in the southeastern U.S. fully coming back on-line, along with the spread of African Swine Fever in China and parts of Europe.

Pork at midday was up $1.77 at $81.85. Bellies were gained $8.91, ribs jumped $6.97, and picnics were $4.27 higher. Loins, butts, and hams were lower.

National direct business opened $.05 lower at $60 to $63.50 for a weighted average of $63.05. The major regional direct markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $40 to $48.

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