Market News

Thursday midday cash livestock prices

Iowa/Minnesota barrows and gilts are down .34 at 45.69 on a carcass basis, the West is .56 lower at 49.64, in the East they are 1.32 lower at 47.91. Missouri direct base carcass meat price is steady to 1.00 lower from 45 to 48. Market hog weights continue to explode. Iowa barrows and gilts last week averaged 266.8 pounds .5 pounds heavier than the previous week and an amazing 9.3 pounds heavier than 2008. A bearish combination of slow marketing and ideal summer weather is contributing to excess tonnage in the face of struggling pork demand. Pork trading is at a near standstill.

USDA mandatory reports cattle trading and demand is light to moderate in Eastern Nebraska at midday. Compared to last week, dressed sales are 1.00 to mostly 2.00 lower at 130.00. Southern bids are from 80 to 81 and asking prices are 84 to 85. Trading remains inactive in all other areas. Wednesday’s cattle kill was cut to 118,000 head, a sign of nervousness over beef demand and reducing late week needs to buy the next round of ready heifers and steers.

Choice boxed beef on Thursday morning was quoted at 140.75 up .15, and the select was .57 lower at 134.39.

Be sure to check back later in the day for closing market information and analysis