Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet, but that could change as the day goes on. Asking prices are around $124+ on the live basis and $195 to $197 dressed, with bids starting at about $118 to $119 live and $190 dressed. Futures are higher and if contracts can hold onto or even continue to build on yesterday’s gains, the feedlots may hold out for those asking prices, potentially delaying trade until Friday. Yesterday’s Fed Cattle Exchange activity was light, but at slightly higher prices than last week.

Boxed beef at midday was higher on moderate movement. Choice was up $.34at $205.64 and Select was $1.38 higher at $200.99.

At the Bassett Livestock Auction in Nebraska Wednesday, compared to last week, 550 to 750 pound steers were steady to $4 lower and 550 to 650 pound heifers were $3 to $9 higher. The USDA says demand was good and warmer weather probably helped attract buyers. The entire run was made up of feeder cattle, with 75% of the offering steers and almost 74% weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds sold at $154.75 to $172.50 and 700 to 800 pound steers brought $150 to $162.25. Medium and Large 1 feeder heifers weighing 510 to 590 pounds were reported at $157 to $175 and 600 to 690 pound heifers ranged from $145.50 to $162.50.

Cash hogs are mostly lower. The midday trade will probably lead to at least some questions about the availability of market ready numbers, with Saturday’s kill only expected to be about 145,000 head. That’s despite good processing margins and the holiday related slowdown earlier in the week. Warmer weather in parts of the Midwest should alleviate some of the recent movement issues.

Pork at midday was $.09 lower at $80.86. Picnics were weak, while butts, ribs, and hams were sharply lower. Loins and bellies were sharply higher.

Iowa/Southern Minnesota direct barrows and gilts opened $1.33 lower at $62 to $70.50 for a weighted average of $68.39, the Western Cornbelt is down $1.32 at $62 to $70.50 with an average of $68.39, and national direct business is $.35 lower at $62 to $70.50 for an average of $69.35. Butcher hogs at the Midwest cash markets are steady to $1 lower at $44 to $49. Missouri direct are steady to $1 higher at $62 on light to moderate supply and demand. Sows are steady at $28 to $36. Illinois direct sows are $1 higher at $28 to $42 on moderate demand for moderate offerings. Barrows and gilts are firm at $43 to $50 with moderate to good demand for moderate offerings. Boars range from $7 to $25.