Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet. Some light trade was reported Tuesday in Kansas mainly at $121 live, but most of the major feeding areas stayed at a standstill. Asking prices are expected to be around $125 live and $196 to $198 dressed. Aside from a few bids at $119 live, packer inquiry is light and both sides will be monitoring futures, wholesale business, and basis levels. Widespread trade could wait until Thursday or Friday. This week’s offering at the Fed Cattle Exchange was 3,194 head, none sold.

Boxed beef at midday was higher with moderate to good movement. Choice was up $.96 at $218.61 and Select was $1.55 higher at $203.66.

At the Philip Livestock Auction feeder sale in South Dakota Tuesday, there was no recent sale, so no comparison was offered, but receipts were up on the year. The USDA says demand was very good with an active market for several strings and many packages of feeder cattle and replacement heifers. 99 head of Medium and Large 1 feeder steers averaging 476 pounds sold at $200 and 900 to 1,000-pound steers ranged from $124.25 to $134.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds were reported at $141 to $153 and 700 to 800-pound heifers brought $131 to $143.50, with 70 head of replacement heifers averaging 894 pounds at $129 and 70 head of replacement heifers averaging 924 pounds at $130.

Cash hogs are mixed, with light opening negotiated numbers for the major direct markets. Margins have narrowed, but are still positive, and the wholesale market might finally be turning that seasonal corner. Still, there’s a lot of pork on the market and a lot of international trade uncertainties. Early estimates for Saturday’s kill are around 50,000 head. The average Iowa/Southern Minnesota hog weight for the week ending April 21st was 286.2 pounds, up 1.0 on the week and 1.3 on the year.

Pork at midday was $1.46 higher at $69.54. Ribs were weak and butts were down $1.35, but the other primal cuts were firm to higher, including a $6.51 gain in bellies.

Western Cornbelt direct barrows and gilts opened $.31 lower at $56 to $59 for a weighted average of $58.05 and national direct business was $.16 higher at $52 to $59 with an average of $58.23. The Iowa/Southern Minnesota and Eastern Cornbelt direct markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady to $2 higher at $37 to $42. Missouri direct butchers are steady at $45 to $52 on light to moderate supply and demand. Sows are steady at $30 to $44. Illinois direct sows are steady at $32 to $43 with moderate demand and offerings. Barrows and gilts are steady at $32 to $40 also on moderate demand and offerings. Boars range from $8 to $17.