USDA Mandatory reported cattle trading is limited in Kansas today on light to moderate demand. A few sales have traded at 155.00 to 156.00, but not enough to establish a market. Trading is light in Nebraska on light to moderate demand. Compared to last week, dressed sales are a $1.00 to 4.00 lower from 246.00 to 249.00, but not enough to establish a market. Trading remains inactive in all other areas. Psychology definitely started out on the defensive with cattle futures sharply lower in the early rounds. The Chicago Mercantile Exchange seems to be signaling that the amazing bull-run is finally at a top.
Boxed beef cutout values are higher with the choice up .86 at 251.43, select is .70 higher at 242.96.
Feeder cattle receipts at the Bassett Livestock Auction in Nebraska totaled 4600 head on Wednesday. Compared to two weeks ago, steers and heifers sold steady to 10.00 higher with the most advance on yearlings. There was a capacity crowd for the annual BBQ auction. Buyers bid readily from start to finish on fall calves and yearling steers and heifers. 425 head of feeder steers medium and large 1 weighing 961 pounds averaged 212.95 per hundredweight. 331 head of heifers weighing 907 pounds traded at 205.79 per hundredweight.
Barrows and gilts in the Iowa/Minnesota direct trade opened 4.46 lower, the West is down 4.29 with a weighted average on a carcass basis of 127.79 in both areas. Eastern hogs are not reported due to confidentiality. Missouri direct base carcass meat price is steady from 120.00 to 122.00. Hogs at Midwest markets are steady from 86.00 to 92.00 live with a couple of interests out of the market.
The pork carcass value is .04 lower FOB plant at 135.34.
The average weight of Iowa barrows and gilts last week totaled 284.2 pounds, 0.8 pounds lighter than the previous week, though still 11.3 pounds heavier than 2013. Seasonally, live weights should trend lower for another 30-45 days.
Midsummer hog slaughter is really starting to tank. With Friday’s expected to total no more than 290,000 and nothing scheduled for Saturday, the weekly total is projected to be 1,874,000 head, 8.2% below last week.