Market News

Midday cash livestock markets

Packer inquiry is starting to pick up in the North on Thursday following yesterday’s light to moderate cattle trade and the Fed Cattle Exchange Auction. Southern business ranged from 131.00 to 132.75, mostly 132.00, generally 2.00 lower than last week. Northern cattle ranged from 207.00 to 209.00, mostly 208.00, about 5.00 lower than last week’s weighted average basis Nebraska. Asking prices on the cattle remaining on the showlists are around 134.00 plus in the South, and 210.00 plus in the North.

Boxed beef cutout values are higher in the morning report. Choice beef 245.15, up .07, select 219.17, up .43.

Slaughter cattle receipts at Tama, Iowa on Wednesday totaled 1,071 head. Choice steers and heifers were 7.00 to 8.00 lower, choice Holsteins were steady, slaughter cows traded 2.00 to 3.00 lower. The trade was active with good demand. Slaughter steers choice 2-3 ranged from 130.00 to 138.60. Slaughter Holstein steers choice 2-3 from 105.00 to 112.00. Slaughter heifers’ choice 2-4 from 134.00 to 140.00.

The Springfield, Missouri Livestock Marketing Center had receipts of 2,190 feeder cattle on Wednesday. Compared to last week, steers and heifers sold 5.00 to 10.00 higher, with instances of 15.00 higher on steer calves weighing less than 600 pounds. Wednesday’s lower fat cattle trade and sharp losses on the Chicago Mercantile Exchange did little to pump the brakes on the local cash feeder market. The supply was heavy with moderate to good demand. Feeder steers medium and large 1 weighing 689 pounds averaged 158.16 per hundredweight. Large 3 dairy steers averaging 479 pounds brought 96.22. Feeder heifers weighing 618 averaged 138.54.

The sheep and goat auction at the Sioux Falls, South Dakota Regional Stockyards at Worthing had receipts of 1477 sheep. Compared to last week, slaughter lambs sold mostly steady, slaughter ewes were sharply lower on a large offering. Feeder lambs were of different weights than the previous week, with a lower undertone noted. There was very good demand for slaughter lambs, and good demand for feeder lambs. Slaughter lambs wooled and shorn choice and prime 1-2 weighing 139 pounds averaged 246.05 per hundredweight. Feeder lambs medium and large 1-2 weighing 53 pounds brought 246.05 per hundredweight.

Barrows and gilts in the Iowa/Minnesota direct trade are up .46, the West is .59 higher with both at 71.37 weighted average on a carcass basis. Nationally the hog market is .15 higher at 70.46. Missouri direct base carcass meat price is steady from 64.00 to 65.00. Midwest hogs on a live basis are steady from 46.00 to 48.00.

The pork carcass cutout value is .92 higher at 90.78 FOB plant.

For the week ending May 20, Iowa barrows and gilts averaged 280.8 pounds, 1.2 pounds lighter than the prior week and 2.1 pounds smaller than 2016.

Looking ahead to June, the historical odds for higher cash prices are quite good. The June monthly average has been higher than May more than 70 percent of the time over the last ten years, according to DTN’s John Harrington.

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