Market News

Midday cash livestock markets

Direct cash cattle markets are quiet so far. Some extremely light trade was reported yesterday afternoon, but with another light week for Fed Cattle Exchange activity, widespread trade may wait until after Friday’s USDA cattle on feed and inventory reports. Asking prices are $120 to $122 on the live basis in the South and $192+ dressed in the North, with bids at $115 to $117 live and $186 to $187 dressed. The case of atypical BSE found in an 11 year old cow in Alabama isn’t expected to have an impact on cash or futures, because of the age of the cow and nature of the case.

Boxed beef at midday was mixed. Choice was up $.09 at $208.14 and Select was down $.15 at $195.10.

In Fed Cattle Exchange trade, a total of 2,912 head were offered, 708 sold with a weighted average of $118.27. 626 head sold for 1 to 9 day delivery with an average of $118.30 and 82 head for 1 to 17 day delivery had an average of $118.00. The next event is scheduled for July 26th.

At the Kingdom City-Callaway Livestock Center feeder cattle auction in Missouri, compared to last week, lighter weight steers were lightly tested with a steady to firm undertone. 550 to 650 pound steers were mostly steady and 700 to 750 pound steers were $3 to $5 higher with several pot and part loads weighing more than 800 pounds sharply higher, albeit with no recent comparison. Feeder heifers were lightly tested, but the best comparison was on 500 to 650 pounders, which were firm to $5 higher. The USDA says demand was good for a light to moderate supply. 83% of the offering were steers and 77% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers averaging 857 pounds brought $155.50 to $159.10 and Medium and Large 2 thinly fleshed steers averaging 724 pounds sold at $167.50. Medium and Large 1 feeder heifers averaging 528 pounds were reported at $154 to $165 and heifers averaging 613 pounds ranged from $145 to $155.50 with a load of fancy heifers also averaging 613 pounds at $160.

Cash hogs are steady to lower. Buyers are following through on this week’s efforts to move the needed numbers at mostly lower prices. The market is continuing to keep an eye out for the expansion of available numbers and a seasonal top in wholesale business. The average Iowa/Southern Minnesota hog weight for the week ending July 15th was 276.8 pounds, down 1.2 on the week and 0.9 on the year.

Iowa/Southern Minnesota direct barrows and gilts opened $1.48 lower at $83.50 to $85.50 for a weighted average of $84.42, the Western Cornbelt is down $1.42 at $83.50 to $85.50 with an average of $84.45, and national direct business is $1.29 lower at $83.50 to $85.50 for an average of $84.27. Butcher hogs at the Midwest cash markets are steady to $1 lower at $56 to $62. Missouri direct butchers are steady to $2 lower at $80 to $81 on light to moderate supply and demand. Sows are steady to $2 higher at $48 to $64. Illinois direct sows are firm at $60 to $68 with good demand for moderate to heavy supplies. Barrows and gilts are weak at $57 to $65 on good demand for moderate offerings. Boars range from $10 to $41.

Pork at midday was $1.26 higher at $105.25. Hams were up and picnics, bellies, and ribs were sharply higher, including a $9.53 jump in ribs.