Market News

Midday cash livestock markets

Direct cash cattle markets are quiet at midday. Business in the south could be wrapped up after yesterday’s light to moderate activity, mainly at $134 on the live basis, down $3.50 to $4 from last week. Dressed activity in the north was just light, mostly at $213, down $8 on the week, so there could still be some trade left to do. Given the recent sharply lower trade, it’s looking more and more like prices have topped out for now. Asking prices are around $135 live and $215+ dressed with bids at $212 to $214 dressed.

Choice boxed beef at midday was $.24 lower at $246.97 and Select was down $.50 at $221.16.

At the Mitchell Livestock Auction in South Dakota¬†Thursday, the feeder offering was much lighter than the previous week, with feeder steers over 800 pounds unevenly steady and feeder heifers over 800 pounds steady to instances of $1 lower. There were too few steers and heifers weighing less than 800 pounds to make an adequate test of the market. Most of the week’s offering was backgrounded yearlings, mostly in moderate to moderate plus flesh. Demand for yearlings was moderate to good and the USDA says one string of fall born calves was “met with very good demand”. 92% of the offering weighed more than 600 pounds. A group of steers averaging 737 pounds brought $152 to $159.75 and 800 to 890 pounders ranged from $136.25 to $151.50. 820 to 860 pound heifers were reported at $131.75 to $137.50 and a group of heifers averaging 924 pounds sold at $128.75 to $132.

Cash hogs are steady to lower. It looks like market ready numbers have not shrunk as fast as expected, in fact, pretty consistently, the slaughter’s been down on the week, but up on the year. The ability of the market to hold up as well as it has in the face of those ready numbers reflects just how solid domestic and export demand are right now. Saturday’s kill is expected to be just about 80,000 head with a weekly slaughter of about 2.24 million head.

Iowa/Southern Minnesota direct barrows and gilts opened $.63 lower at $66 to $71.50 for a weighted average of $70.50, the Western Cornbelt is down $.85 at $66 to $71.50 with an average of $70.22, and national direct business is $.52 lower at $66 to $71.50 with an average of $70.11. Butcher hogs at the Midwest cash markets are steady at $48 to $50. Missouri direct butcher trade is steady at $63 to $66 on light to moderate supply and demand. Sows are steady at $38 to $50. Illinois direct sows are steady at $40 to $52 on moderate demand for moderate offerings. Barrows and gilts are steady at $46 to $52 on good demand for moderate offerings.

Pork at midday was up $.25 at $87.25. Loins were weak, all other primals were firm to higher.

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