Market News

Friday midday cash livestock markets

Cattle country is quiet on Friday with business completed for the week, following an active trade on Wednesday. Southern live trade was at 164.00, while Northern dressed trade ranged from 256.00 to 258.00. The ability to hold steady cash cattle trade through the middle of October at current price levels is impressive. This is giving credence to the fact overall supplies remain tight and packers have the need to secure product at whatever price necessary in order to satisfy demand.

Boxed beef cutout values were weak with the choice down .01 at 248.81 and select .39 lower at 234.53.

Feeder cattle receipts at the Ogallala, NE Livestock Auction totaled 5550 head on Thursday. Compared to two weeks ago feeder steers and heifers weighing less than 550 pounds were 3.00 to 16.00 higher, weights over 550 pounds were steady to 11.00 lower in the calves. Not enough offerings to show a comparison on the yearlings. Feeder steers medium and large 1 weighing 625 pounds averaged 265.83 per hundredweight. 571 pound heifers brought 259.88.

The pork carcass cutout value was down .96 at 112.76 in the morning report FOB plant.

Barrows and gilts in the Iowa/Minnesota direct trade were not reported due to confidentiality, the West is 1.62 lower at 98.09 weighted average on a carcass basis, and the East is 2.59 lower at 98.21. Missouri direct base carcass meat price is steady to 3.00 lower from 95.00 to 96.00. Midwest hogs on a live basis are steady to 2.00 lower from 71.00 to 78.00.

Growing emphasis on the progression of corn and soybean harvest through much of the Corn Belt is helping moderate both short-term and long-term feed prices. It is possible to lock in corn and soybean meal prices at current levels, which will help to keep cost of production low through most of 2015.