Market News

Wednesday midday cash livestock markets

Cash cattle activity remains limited with just a few preliminary bids reported by private sources from 232.00 to 233.00 on a dressed basis in the North. Asking prices are around 238.00 plus in the North and 148.00 in the South. While attractive basis opportunities could spark scattered business, significant trade volume will likely be delayed until late in the week.

Boxed beef cutout values in the morning report are higher with the choice boxes up 1.14 at 232.35, and select is 1.28 higher at 220.90.

Feeder cattle receipts at the Philip livestock Auction at Philip, South Dakota totaled 2871 head on Tuesday. Sales have not been reported recently so no price comparison can be made. There was good demand for a long string and many part loads and packages of feeder steers. Feeder and replacement heifers sold on an active to very active market. 779 pound feeder steers averaged 180.01 per hundredweight. 179 head of replacement heifers weighing 779 pounds brought an average of 187.48.

Barrows and gilts in the Iowa/Minnesota direct trade are .59 higher at 116.31 weighted average on a carcass basis, the West is up 1.56 at 116.05, and Eastern hogs are not reported. Missouri direct base carcass meat price is steady from 105.00 to 107.00. Midwest hogs are steady to 2.00 lower with an instance of 4.00 lower on a live basis from 78.00 to 90.00.

The pork carcass cutout value FOB plant is 1.37 higher at 118.46 on a negotiated basis.

While summer lean hog futures remain far below the highs of the first quarter, steadily growing premiums over spring cash clearly reflect friendly price expectations, both in terms of tightening seasonal supplies and improving pork demand.