Market News

Wednesday midday cash livestock markets

Packer inquiry into the cattle was minimal in the early rounds on Wednesday, but the expectation is at least some buying interest will surface through the day. Significant business could be delayed until Thursday or Friday, but both sides would probably like to get things wrapped up by tomorrow in order to clear the deck for a longer Labor Day weekend. Asking prices are around 155.00 to 156.00 in the South and 245.00 to 248.00 in the North.

Choice boxed beef is .64 lower in the morning report and the select is down .35 at 238.13.

Feeder cattle receipts at the Philip, South Dakota Livestock Auction totaled 1778 head on Tuesday. The sale has not been reported recently so no price comparisons were made. There was very good demand for several long strings of feeder steers and many packages of tested open heifers that sold on an active to very active market. Feeder steers averaging 933 pounds traded at 214.17 per hundred weight. 869 pound heifers brought 205.36.

Barrow and gilt prices in the Iowa/Minnesota, Western and Eastern direct trade areas are not reported due to confidentiality. Nationally the hog market is 1.53 lower with a weighted average of 91.40 on a carcass basis. Missouri direct base carcass meat price is steady at 88.00. Barrows and gilts at Midwest markets on a live basis are lightly tested at steady to 1.00 lower from 62.50 to 70.00.

The pork carcass value is .31 higher at 103.47.

Despite the recent plunge in country sales, DTN reports pork producers continue to enjoy great profit margins. Furthermore, pricing in the lean hog futures market is still at historically strong levels and at today’s corn and meal prices, a solid positive margin on forward lean hog sales can be achieved. Some level of herd expansion could be definitely in the mix.