Market News

Midday cash livestock markets

Cattle country is quiet on Friday, and it looks like business is done for the week. The few cattle remaining on the showlists are expected to be priced higher than this week’s sales, 124.00 to 125.00 live and 195.00 to 196.00 dressed. As of Friday afternoon 105,145 head of cattle were traded this week.

Boxed beef cutout values are sharply higher in the morning report. Choice beef is up 2.24 at 198.43, select 195.35, up 2.52.

Feeder cattle receipts at Missouri auctions this week totaled 35,126 head. Compared to last week, feeder steers and heifers were mostly steady, although several sales in the second half of the week were steady to 5.00 higher. The week started out without much excitement and most auctions in the state are early in the week, so generally a large percentage of the sales volume occurs early week. The attitude of the market went from lackluster to bullish very quickly on Wednesday morning with the development of the cash cattle trade. Feeder steers medium and large 1 weighing 626 pounds averaged 144.16 per hundredweight. Feeder heifers weighing 620 pounds brought 128.51.

Slaughter cattle receipts at the Sheldon, Iowa Auction on Thursday totaled 639 head. The market trend was 6.00 to 7.00 higher on the choice steers, 2.00 3.00 higher on choice Holstein steers, and choice heifers were also higher. The demand was good on a steady offering. Slaughter steers choice 2-4 ranged from 120.00 to 122.85. Choice 2-3 Holstein steers brought 90.00 to 109.50. Choice 2-4 heifers ranged from 120.00 to 122.25.

Feeder cattle receipts at the Mitchell, South Dakota livestock auction totaled 5509 head on Thursday. Feeder steers trended 4.00 higher to 2.00 lower, with a few instances of 4.00 to 5.00 lower on steers weighing 650 to 750 pounds. Feeder heifers were steady to 2.00 lower. The demand was more moderate on Thursday as there were fewer buyers than last week. Feeder steers medium and large 1 averaging 778 pounds brought 129.25 per hundredweight. Fleshy heifers averaging 778 pounds traded at 115.24.

Barrows and gilts in the Iowa/Minnesota and Western direct trade are not reported due to confidentiality. Nationally the market is .2.46 lower at 68.27 weighted average on a carcass basis. Missouri direct base carcass meat price is steady from 63.00 to 65.00. Hogs on a live basis nationally down .16 with a weighted average of 55.11.

Friday morning’s pork carcass cutout value is 2.32 higher at 82.58 FOB the plant. All primal cuts are higher.

The pork carcass cutout value seemed to stabilize on Thursday, but the pork cutout could be volatile and vulnerable to further price weakness, possibly checking out support in the $78.00 to 82.00 range. The belly primal seems especially vulnerable, according to DTN analysts.