Market News

Midday cash livestock markets

Packer inquiry in the cattle appears to be improving some on Wednesday. There are a few scattered bids reported by private sources at 157.00 live in Kansas, and 250.00 to 252.00 in Nebraska on a dressed basis. Packers and feedlot operators do have a significant gap to close with asking prices at 162.00 live and 260.00 dressed. Significant trade could be delayed until sometime Thursday or Friday.

Boxed beef cutout values are higher in the morning report. Choice beef is up 2.28 at 246.52, and select is 2.83 higher at 245.48.

Feeder cattle receipts at the Philip Livestock Auction at Philip, South Dakota totaled 4353 head. Compared to two weeks ago steers trended steady to 6.00 lower and heifers steady to 8.00 lower. There was very good demand for several long strings, load lots, and packages of feeders that sold on an active to very active market. Feeder steers medium and large 1 averaging 726 pounds brought 223.77 per hundredweight. 678 pound replacement heifers traded at 243.37.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.83 higher weighted average on a carcass basis, the West is up 1.89 with both at 66.72. Nationally hogs are .85 higher at 64.23, and Eastern markets are not reported due to confidentiality. Missouri direct base carcass meat price is steady to 2.00 higher from 52.00 to 60.00. Midwest hogs on a live basis are steady to higher from 36.00 to 48.00.

Pork carcass cutout value is down 1.36 at 69.64 FOB plant.

All of a sudden, the cash hog market is on a major roll, the national dressed basis surged $3.56 on Tuesday. Processors must sense solid product demand in the weeks ahead. Additionally, packer margins remain very attractive.