Market News

Midday cash livestock markets

Direct cash cattle markets are quiet as buyers and sellers get back to business after Independence Day. This week’s showlist looks generally larger, except for Nebraska, and a lot of buyers are short after last week’s relatively light trade. Widespread business is not expected until Thursday or Friday. Asking prices are expected to be around $122 in the South and $190 to $192+ in the North.

Boxed beef at midday was mixed, with Choice up $1.18 at $224.07 and Select down $.62 at $206.83.

USDA reported feeder cattle auctions were hard to come by Wednesday, with a number of major operations taking an extended July 4th holiday.

The Fed Cattle Exchange says that out of an offering of 2,093 head, 429 head sold, 455 were unsold, and the remaining 1,209 head were called PO. Sales of 92 head all in Kansas for 1 to 9 day delivery had a weighted average of $117.75 and sales of 337 head all in Nebraska for 17 to 30 day delivery averaged $117.25.

Cash hogs are steady to lower. Buyers are watching the availability of market ready numbers and wholesale business. The wholesale trade may be close to its seasonal top, with plenty of pork available and market ready numbers expected to increase in the coming weeks. Saturday’s kill is expected to be about 200,000 head, but that could rise if buyers run into procurement issues. The average Iowa/Southern Minnesota hog weight for the week ending July 1st was 276.4 pounds, down a half a pound on the week and three tenths of a pound on the year.

Iowa/Southern Minnesota barrows and gilts opened $1.32 lower at $82 to $87 for a weighted average of $86.28, the Western Cornbelt is down $1.24 at $82 to $87 with an average of $86.32, and national direct business is $1.26 lower at $82 to $87 for an average of $85.21. Butcher hogs at the Midwest cash markets are steady at $55 to $60. Missouri direct butcher trade is steady at $79 to $81 on light to moderate supply and demand. Sows are steady to $2 higher at $40 to $57. Illinois direct sows are firm at $49 to $61 on good demand for heavy offerings. Barrows and gilts are steady at $57 to $62 with good demand for moderate offerings. Illinois boars range from $10 to $40.

The pork cutout at midday was up $.25 at $104.57. Picnics and ribs were sharply lower, all other primals were firm to higher.