Market News

Wednesday midday cash livestock prices

Cattle country is quiet on Wednesday with bids and asking prices still not fully established. A few showlists have been priced around 174.00 in the South and 270.00 plus in the North. The November 1 cattle on feed report scheduled for release Friday afternoon, is expected to be generally bullish. Trade guesses anticipate October placement will be documented to total 3 to 5% below a year ago.

Boxed beef cutout values were higher in the morning report. Choice beef 254.97, up .68, select 1.90 higher at 243.16.

Feeder cattle receipts at the Philip Livestock Auction at Philip, SD totaled 4114 head on Tuesday. Compared to last week, steers traded steady to 4.00 higher. Feeder heifers under 500 pounds were steady, 500 to 550 pounds were 4.00 higher, 550 to 600 pounds 5.00 lower and heavy weights steady. There was good demand for several long strings of feeders, and a set of replacement heifers which sold on an active market. 619 pound steer calves averaged 174.31 per hundredweight. 567 pound heifers brought 265.10.

Barrows and gilts in the Iowa/Minnesota direct trade opened .42 lower, the West is down .22 with both at 86.85 weighted average on a carcass basis, and the East is .10 lower at 83.87. Missouri direct base carcass meat price is steady to 1.00 lower from 77.00 to 81.00. Midwest hogs on a live basis are steady to 2.00 higher from 58.00 to 66.00.

The pork carcass cutout value was down 1.38 FOB plant at 92.78. Only ham and butt primals were higher.

The premium of nearby lean futures over the spot cash market should make pork producers tougher sellers, more likely to stick to their guns and hold for better packer bids.