Market News

Midday cash livestock markets

Direct cash cattle trade has been fairly quiet this morning.  There were a handful of sales in Nebraska at $180 dressed.  Bids are reported at $112 live in Iowa and offers in Kansas and Texas at $116 to $118 live.  Dressed bids are $180. The latest Cattle on Feed report has October placements down 6 percent on the year, below pre-report expectations.  Today’s Fed Cattle Exchange had an offering of 459 head with another week of zero sales.  Look for business to pick up as the day progresses.

At the Callaway Livestock Center in Missouri, receipts are up on the week and the year.  Compared to the last sale steer calves 500 to 550 pounds were $10 to $12 higher, steers 550 to 600 pounds were steady to $3 higher, and steers 600 to 700 pounds traded with a higher undertone on last week’s light offering.  Feeder heifers 500 to 600 pounds were steady with spots of $3 higher and heifers over 600 pounds were not well tested.  The USDA says demand was moderate to good with supply moderate.  The quality of calves was more attractive than the previous week.  Feeder supply included 44 percent steers and 62 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 550 pounds brought $165 to $174 and feeder steers 600 to 700 pounds brought $153.50.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $139.75 to $149.50 and feeder heifers 600 to 700 pounds brought $142.75 to $145.

Boxed beef cutout values are mixed with light demand for moderate offerings.  Choice opened $.40 higher at $213.69 and Select is $.09 lower at $198.52.  The Choice/Select spread is $15.17.

Cash hogs opened sharply lower with moderate negotiated purchase totals.  With so much pork entering a market that is struggling with demand uncertainty it is difficult for it to find direction.  The large supply keeps packers in the driver’s seat when it comes to setting prices.

Barrows and gilts at the Iowa/Southern Minnesota opened $1.51 lower with a range of $46 to $51.50 for a weighted average of $49.83; the Western Corn Belt is $1.52 lower with a range of $46 to $51.50 for a weighted average of $49.80; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.52 lower with a range of $46 to $51.70 for a weighted average of $50.85.

Butcher hogs at the Midwest cash markets are steady at $33 in Zumbrota, Minnesota.  Dorchester, Wisconsin and Garnavillo, Iowa are closed for the holiday.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $30 to $44.  Barrow and gilt prices are steady at $28 to $36 with moderate demand for moderate offerings.

Pork cutout values opened $1.16 higher at $66.88.  The picnics jumped $11.09 this morning.  Loins, ribs, butts were all higher.  Hams are weak, and bellies drop $5.61.