Market News

Midday cash livestock markets

Direct cash cattle markets are mostly quiet. A few sales have been reported in Nebraska at $182 on the dressed basis for delivery in early December. Yesterday’s trade was generally light, mainly at $115 on the live basis in Kansas and Texas, steady to $1 higher than last week. No appreciable activity yet this week in the north and there’s still probably some trade left to do in the south. Asking prices are $116 to $117 live and $185+ dressed, with bids at $115 live. Packer margins are solid as buyers try to keep processing running at high levels as they get ready for the slowdown around Thanksgiving.

Boxed beef at midday was lower with light to moderate movement. Choice was down $.13 at $242.21 and Select was $1.67 lower at $215.86.

At the OKC West Livestock Auction feeder cattle sale in Oklahoma, steers were steady to $2 higher, while heifers were steady to $2 lower on mostly moderate demand, good for true yearlings. Steer calves weighing less than 500 pounds were steady while 500 to 600 pound steer calves were $2 to $3 higher and heifer calves were too lightly tested for an accurate comparison. The USDA says demand was moderate to good for calves and quality was average to attractive. Medium and Large 1 feeder steers weighing 700 to 800 pounds were reported at $147 to $153.50 and 800 to 900 pound steers brought $144 to $153. Medium and Large 1 feeder heifers weighing 700 to 800 pounds ranged from $133 to $142.50 and Medium and Large 1 to 2 heifers weighing 600 to 700 pounds sold at $121 to $146.

Cash hogs are mixed, with moderate opening negotitated numbers at the major direct markets. The early trends depend on the ability of buyers to move the needed numbers by using the large available market ready supplies for leverage. Early estimates for Saturday’s kill are around 350,000 head, which would push the weekly total to a record high, more than making up for the slow start to the week. Uncertainty about China continues to hang over the industry, with talks reportedly stalling on questions about China’s ag purchases and U.S. resistance to rolling back tariffs. That said – China has officially lifted restrictions on U.S. poultry imports, while Beijing’s tariff on U.S. pork remains in place.

Pork at midday was down $.66 at $86.36. Loins, picnics, and hams were modestly to sharply lower, while butts, ribs, and bellies were modestly higher.

National direct barrows and gilts opened $.29 higher at $40 to $44.99 with a weighted average of $42.53, Iowa/Southern Minnesota is $.03 lower at $41.86 and the Western Corn Belt is down $.22 at $41.62. Butcher hogs at the Midwest cash markets are $2 lower at $32 to $34.