Market News

Midday cash livestock markets

Direct cash cattle trade is typical for a Monday – quiet and focused on the collection of new showlists.  Last week remained locked in a standoff until Friday when the North finally gave in and started dressed cattle trade at $176 to $180 – which is about steady to $2 lower than the previous week’s weighted average basis in Nebraska.  Live deals ranged from $113 to $114.50, generally $1.50 to $2 lower than the previous week.  Last week’s formula totals were mixed, higher in Nebraska and Texas and lower in Kansas.  Significant trade volume this week isn’t expected to happen until later in the week.

At the open at the Oklahoma National Stockyards, receipts were down slightly on the week and down on the year.  Compared to last week feeder steers and heifers are lightly tested in the early rounds.  Steer and heifer calves are trading with a much lower undertone.  The USDA says demand was moderate.  Feeder supply included 63 percent steers and 52 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 503 to 533 pounds brought $152 to $170.75 and feeder steers 659 to 667 pounds brought $142 to $144.75.  Medium and Large 1 feeder heifers, fleshy, 551 to 586 pounds brought $124.50 to $127.50 and feeder heifers 668 pounds brought $134.

Boxed beef cutout values are firm on Choice and higher on Select on moderate demand for light offerings.  Choice up $.46 at $215.66 and Select up $1.38 at $200.10.  The Choice/Select spread is $15.56.

Cash hogs opened mixed with very light negotiated purchase totals.  Hog runs have been large and buyers have been using that to their advantage when setting prices.  The large supplies combined with continued demand uncertainty is adding more pressure to an already volatile market.  Barrows and gilts in the Western Corn Belt opened $.36 higher with a range of $47 to $54.75 for a weighted average of $53.36 and the National Daily Direct opened $.32 lower with a range of $47 to $54.75 for a weighted average of $53.08.  The Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are $2 to $4 lower at $36 in Dorchester, Wisconsin and $1 lower at $34 in Zumbrota, Minnesota. At Illinois, slaughter sow receipts are up on the week and the year.  Prices are steady at $30 to $44 with moderate demand for moderate offerings.  Barrow and gilt prices are $1 higher at $29 to $39 for moderate demand and offerings.

Pork cutout values opened sharply higher – up $2 at $72.27.  The bellies jumped $9.08 this morning.  Picnics, ribs, and hams are all sharply higher.  Loins and butts are lower.

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