Market News

Midday cash livestock markets

Very light direct cash cattle business is reported at $215 on the dressed basis in Nebraska and Iowa, with DTN citing a regional buyer. That’s down $6 from Nebraska’s weighted average last week. The big uncertainty this week was if last week’s activity was an indication prices have topped out for now. Asking prices are $138 to $142 in the south and $220 to $222 in the north, with bids at $130 live in Nebraska and $131 live in Texas.

Boxed beef at midday was lower with Choice down $.57 at $249.31 and Select $1.42 lower at $222.97.

The Fed Cattle Exchange had an offering of 2,379 head, 1,621 of which sold. Kansas ranged from $134 to $135.75, Nebraska trade ranged from $130 to $134.25, Texas was reported at $133.75 to $135.75, and a few sold in Oklahoma at $134. Sales for 1 to 9 day delivery were 814 head with a weighted average of $135.16, down $3.56 on the week, 1 to 17 day delivery sales were 570 head with an average of $134.28, $3.60 lower, and 17 to 30 delivery sales were 237 head with an average of $130.84, down $1.16.

At Manchester Livestock Auction in Iowa Tuesday, compared to last week, beef steers were $5 lower with a top at $146 and high yielding prime and choice steers ranging from $140 to $146. Beef heifers were down $5 with a top at $145.50 and high yielding prime and choice heifers brought $140 to $145.50. Holstein steers were steady with a top at $113 and high yielding prime and choice Holsteins sold at $106 to $113.

Cash hogs are steady to lower at midday. Direct business recently has opened lower, in pretty quiet activity, ahead of a higher finish. Business is expected to continue the bullish momentum with generally tighter market ready numbers and solid wholesale demand. Margins have narrowed this week, with wholesale business not gaining as fast as cash. DTN says those margins are expected to continue to tighten over the next couple of months. Saturday’s kill is expected to be around 80,000 head. The average Iowa/Southern Minnesota hog weight for the week ending May 13th was 282.0 pounds, down 1 pound on the week and 1.3 on the year. The head count of 758,000 head was 7,000 less than the previous week, but 356,000 larger than a year ago.

National direct barrows and gilts opened $.92 lower at $66 to $72 with a weighted average of $70.27 and a five day rolling average of $70.39. The Iowa/Southern Minnesota, Western Cornbelt, and Eastern Cornbelt direct markets were not reported due to confidentiality. The butcher hog market at Zumbrota, Minnesota is steady at $45 and trade at Red Oak, Iowa is called higher at $50. Missouri direct butchers are steady at $62 to $63 on light to moderate supply and demand. Sows are steady at $38 to $50. Illinois direct sows were steady at $40 to $52 on moderate demand for heavy offerings. Barrows and gilts were firm at $46 to $52 on good demand for moderate offerings. Illinois direct boards ranged from $7 to $27.

Pork at midday was $2.50 higher at $87.58. Bellies were sharply lower, all other primals were sharply higher, including a $4.48 gain in loins.