Market News

Midday cash livestock market

A few cattle deals are being reported by DTN in parts of the North at 154.00 dressed fully steady with last week’s weighted average, basis Nebraska. Packer inquiry is expected to improve as the day progresses. Asking prices are around 101.00 to 102.00 in the South with bids at 98.00. Asking prices in the North at 156.00 plus, with most bids at 154.00. USDA Mandatory reported around 12,000 head were sold yesterday with a range of mostly 98.00 to 99.50 with the vast majority of this trade from the Fed Cattle Exchange.

Boxed beef cutout values are lower in the morning report. Choice beef 178.28, down .16, select 168.21, down 1.38.

The Springfield, Missouri Livestock Marketing Center had receipts of 1,383 cattle on Wednesday. Compared to last week, steer calves weighing less than 500 pounds were not well tested, 500 to 550 pound calves traded 5.00 to 8.00 lower, over 500 pounds 3.00 to 7.00 lower. Heavy yearling steers had no comparison. Heifer calves sold steady to 5.00 higher with heifers suitable for replacement at a higher premium. Demand was light to moderate, with good demand for replacement heifers as some buyers take advantage of the down market. Feeder steers medium and large 1 averaging 618 pounds brought 114.97 per hundredweight. 592 pound replacement heifers traded at 111.70.

Sioux Falls Sheep Auction at Worthing South Dakota had 1,032 head yesterday. Compared to last week slaughter lambs were steady to 3.00 lower. Feeder lambs were too lightly tested to compare. There was good demand for slaughter lambs and replacement quality ewes, high demand for the light offering of feeder lambs. Slaughter lambs wooled and shorn choice and prime 2-3 weighing 140 pounds averaged 139.50 per hundredweight. Feeder lambs choice and prime 1-2, hair sheep weighing 60 pounds brought 142.00 per hundredweight.

Dyersville, Iowa Hay Market had receipts of 635 ton on Wednesday. The market was steady to $30.00 a ton higher on light hay offerings and heavy straw and stalk offerings. Top of 157.50 a ton on fourth crop big squares. Rounds topped at 150.00 per ton on fourth crop just out of the field. Straw was steady topping at $52.00 per bale, cornstalks were also steady topping at $33.00 for round bales.

Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the five day rolling average is 46.45, the West is up .01 at 46.24 weighted average on a carcass basis, and nationally the market is .16 lower at 45.64. Missouri direct base carcass meat price is steady from 38.00 to 39.00. Midwest hogs on a live basis are steady from 22.00 to 33.00.

The pork carcass cutout value is down .19 at 72.82 FOB plant.

Pork packer margins remain strong creating the desire to focus even more aggressively on procurement schedules. Daily schedules through the end of the week are around 440,000 head per day with an expected Saturday run likely to reach 305,000 head.