Market News

Midday cash livestock markets

 

Direct cash cattle markets are at a standstill. Today’s activity is expected to be limited to the distribution of this week’s new showlist. The weekly offering could be steady to a little big larger, with the potential for a faster slaughter rate because of good processing margins. Widespread business could wait until the second half of the week, maybe even after Friday’s cattle on feed report. Asking prices are expected to start around $129 live and $207+ dressed. Last week’s business was reported at mostly $127 live in the South and $204 to $205 dressed in the North.

Boxed beef at midday was mixed with very light movement. Choice was down $.22 at $225.37 and Select was up $1.74 at $218.60.

In Missouri, feeder cattle were mostly $2 to $5 lower, with instances of $5 to $10 lower on fleshier than average cattle. The USDA says worsening drought conditions in Kansas, Oklahoma, and Texas are having an impact on the type of cattle offered with buyers getting more selective. Medium and Large 1 feeder steers weighing 600 to 700 pounds ranged from $135 to $191 and 700 to 800-pound steers brought $127.50 to $171.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds were reported at $132 to $180.25 and 600 to 700-pound heifers sold at $125 to $165.75.

Cash hogs are mixed, depending on the ability of packers to apply leverage and move the needed numbers. Market ready supplies are ample and chain speed is expected to stay at a high pace, with weekly kills possibly topping 2.4 million head over the next couple of weeks, putting more pressure on wholesale business. That generally lower trade in cash and the wholesale market is putting a lot of pressure on futures, with April lean losing more than $2 last week, going against the seasonal trend.

Pork at midday was down $.54 at $72.03. Loins were $.80 lower and bellies dropped $4.56. The other primal cuts were firm to sharply higher.

Iowa/Southern Minnesota direct barrows and gilts opened $.67 higher at $52 to $59.50 for a weighted average of $57.78 and the Western Cornbelt is up $.51 at $52 to $59.50 with an average of $57.58, but national direct business is $.46 lower at $52 to $59.50 for an average of $56.83. Butcher hogs at the Midwest cash markets are $3 lower at $36 to $40. Missouri direct butchers are steady to $4 lower at $50 to $51 on light to moderate supply and demand. Sows are steady at $33 to $45. Illinois direct is weak at $34 to $50 on light to moderate demand for moderate offerings. Barrows and gilts are $1 lower at $35 to $41 on light to moderate demand for moderate offerings. Boars range from $9 to $20.