Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet. Light to moderate trade was reported yesterday in the North, mainly at $126 live, steady with Tuesday and down $2 on the week, and mostly $200 to $203 dressed, steady to $3 lower than last week’s weighted average in Nebraska. After a couple of days of light to moderate activity, the rest of the week’s business will probably be limited to clean-up. Asking prices today are around $127 to $128 live and $203 dressed. The USDA’s Cattle on Feed report is out Friday at 3 Eastern/2 Central. The numbers are expected to be bearish, but may already be priced in, with deferred contracts at a big discount to the recent cash business.

Boxed beef at midday was sharply higher with light movement. Choice was up $1.33 at $225.71 and Select was $1.77 higher at $218.16.

At the Hub City Livestock Auction feeder cattle sale in South Dakota Wednesday, compared to the previous week, steers and heifers were lower. The USDA says demand was moderate to good, especially for lighter fleshed grass type cattle and replacement heifers. 68% of the weekly offering were steers and 98% of the total run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 800 to 900 pounds sold at $125.50 to $138.50 and 900 to 1,000-pound steers ranged from $119.50 to $128.60. Medium and Large 1 feeder heifers weighing 700 to 800 pounds were reported at $118 to $133 and 800 to 900-pound heifers sold at $114.75 to $126.25. 65 head averaging 794 pounds brought $1,060 per head and 77 head averaging 818 pounds ranged from $1,060 to $1,150 per head.

Cash hogs are mostly steady. Buyers want to take advantage of the available market ready numbers, while maintaining their processing margins. It’s been another volatile week for pork ahead of this afternoon’s livestock slaughter and cold storage numbers. Export demand has been good, but there’s a lot of pork available and a lot of questions about potential trade retaliation from some major U.S. trading partners.

Pork at midday was down $.32 at $71.13. Butts were firm, while the other primal cuts were lower.

Iowa/Southern Minnesota direct barrows and gilts opened $1.31 lower at $51 to $55 for a weighted average of $53.99, the Western Cornbelt is down $1.35 at $50 to $55 with an average of $53.88, and national direct business is $.69 lower at $50 to $55 for an average of $54.45. Butcher hogs at the Midwest cash markets are steady at $36 to $40. Missouri direct is steady at $50 to $51 on light to moderate supply and demand. Sows are steady at $28 to $44. Illinois direct sows are weak at $29 to $45 on light to moderate supply and moderate demand. Barrows and gilts are weak at $35 to $40, also on light to moderate demand for moderate offerings. Boars range from $9 to $22.