Market News

Midday livestock markets

Cattle country is generally quiet on Wednesday with just a few scattered bids reported in the South at 143.00, but packer inquiry is expected to improve as the day progresses. However, despite packers reported short bought status it is possible significant trade will wait until Thursday or Friday. Asking prices are around 148.00 in the South and 236.00 plus in the North.

Boxed beef cutout values were higher, with the choice up .52 at 232.67, and select .27 higher at 229.14.

Feeder cattle receipts at the Philip Livestock Auction at Philip, South Dakota totaled 3166 head on Tuesday. Price trends not available as the sale has not been recently reported due to seasonally low receipts. There was very good demand for the Anniversary Yearling and Fall Cattle Special featuring several long strings, load lots, and packages of feeder cattle. All sold on a very active market. Feeder steers averaging 884 pounds brought 212.74 per hundredweight. 824 pound heifers traded at 203.70.

Barrows and gilts in the Iowa/Minnesota and Eastern direct trade were not reported due to confidentiality. Western hogs were 1.51 lower with a weighted average of 74. 64 on a carcass basis, nationally the market was down 2.23 at 72.55. Missouri direct base carcass meat price is steady to 1.00 higher from 70.00 to 72.00. Midwest hogs on a live basis are steady to 2.00 higher from 46.00 to 60.00.

The pork carcass cutout value was down 1.51 at 84.70 FOB plant.

There seems to be a growing consensus that this week’s hog kill will not be much smaller than last week, probably around 2.12 million head, 13% greater than last year. The June 1 Hogs & Pigs report appears to be a bust, understating third quarter market hog supplies.