Market News

Midday cash livestock markets

Direct cash cattle markets remain at a standstill. Asking prices are $114 to $115 on the live basis and $180+ dressed, well above the current bids of $108 live and $170 to $173 dressed. Buyers and sellers will continue to monitor the wholesale and futures markets. Widespread business could start today, or it could wait until after the USDA’s Cattle on Feed and Inventory reports out Friday afternoon.

Boxed beef at midday was firm with light to moderate movement. Choice was up $.21 at $205.01 and Select was $.27 higher at $197.36.

At the Southern Oklahoma Livestock Auction feeder cattle sale in Ada Wednesday, steer and heifer calves were $1 to $3 lower, while yearlings were not fully tested, but did have a mostly steady undertone. The USDA says demand was good for weaned calves, moderate for unweaned and short weaned animals, and the overall quality was plain to average. Medium and Large 1 steer calves weighing 600 to 700 pounds were reported at $148.50 to $153 and 53 head averaging 871 pounds brought $139.75. Medium and Large 1 feeder heifers weighing 400 to 500 pounds sold at $139 to $155 and 500 to 600-pound heifers ranged from $140 to $145.

Cash hogs are steady to lower, with light to moderate opening negotiated numbers for the major direct markets. Packer margins have improved at least slightly, but buyers are still moving the needed numbers at mostly lower prices, watching for signs of expanding supplies and monitoring wholesale demand. Market ready numbers are expected to start noticeably expanding soon and even if the cutout hasn’t seen its seasonal top yet, that increase in tonnage will make an already uncertain demand outlook even cloudier.

Pork at midday was up $.25 at $82.60. Loins gained $2.04 and butts were $1.18 higher, while picnics, ribs, hams, and bellies were weak to lower.

Iowa/Southern Minnesota direct barrows and gilts opened $1.48 lower at $65 to $70.50 for a weighted average of $69.39, the Western Cornbelt is down $1.38 at $65 to $70.50 with an average of $69.39, and national direct business is $1.35 lower at $65 to $70.50 for an average of $69.22. Butcher hogs at the Midwest cash markets are steady at $46 to $47. Illinois direct sows are steady at $27 to $38 on light to moderate demand for moderate to heavy offerings. Barrows and gilts are $1 lower at $42 to $50 on moderate demand and offerings. Boars range from $8 to $32.