Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet. Light to moderate trade was reported yesterday mostly at $126 live in the South, down $1 on the week, with lighter business mainly at $203 in the North, about $2 lower than last week’s weighted average in Nebraska. Asking prices today are $128 live and $205+ dressed, with scattered bids at $124 to $126 live and $202 to $203. 166 head were on offer this week at the Fed Cattle Exchange and all 166 sold. The weighted average was $125.63, down $1.37 from last week. Most of the sales were heifers, all were from Kansas, and all are scheduled for 1 to 9-day delivery. The USDA’s Cattle on Feed numbers are out Friday.

Boxed beef at midday was mixed with moderate movement. Choice was up $.63 at $223.98 and Select was down $.14 at $216.60.

At the Sedalia Livestock Auction in Missouri Tuesday, compared to the previous week, feeder cattle had a lower undertone, with pressure from the recent trend in the futures market. The USDA says most of the week’s offering were yearlings on background, with several consignments coming off corn and carrying extra flesh. 71% of the run were steers or bulls and 78% weighed more than 600 pounds. Medium and Large 1 feeder steers averaging 818 pounds ranged from $132.60 to $133.35 and Medium and Large 1 to 2 steers averaging 822 pounds brought $128.85 to $131.75. Fleshy Medium and Large 1 feeder heifers weighing 863 pounds sold at $115 and Medium and Large 1 to 2 heifers weighing 785 pounds were reported at $120.

Cash hogs are steady to lower, with good opening negotiated sales at the major direct markets. Processing margins have gotten a little better thanks to the relative stability of the cutout value this week, but buyers remain wary of pork demand, with a lot of available product on the market. The USDA’s livestock slaughter and cold storage numbers for February are out tomorrow afternoon. The average Iowa/Southern Minnesota hog weight for the week ending March 17th was 285 pounds, down 1.2 on the week, but up 3.4 on the year.

Pork at midday was up $.39 at $72.46. Bellies were $.53 higher and hams gained $3.21, while the other primal cuts were weak to sharply lower.

Iowa/Southern Minnesota direct barrows and gilts opened $1.02 lower at $51 to $56 for a weighted average of $54.48, the Western Cornbelt is down $1.00 at $51 to $56 with an average of $54.41, and national direct business is $.62 lower at $51 to $56 for an average of $54.93. Butcher hogs at the Midwest cash markets are steady at $36 to $40. Missouri direct butchers are steady at $50 to $51 on light to moderate supply and demand. Sows are steady at $38 to $44. Illinois direct sows are steady at $30 to $45 on light to moderate demand for heavy offerings. Barrows and gilts are steady at $35 to $40 on light to moderate demand for moderate offerings. Boars range from $9 to $22.