Market News

Midday cash livestock markets

Direct cash cattle markets are quiet but packer inquiry is improving. Asking prices are $120 to $122 on the live basis in the South and $190 to $192 dressed in the North. Early bids are $115 live and $186 to $1.87 dressed.

The Fed Cattle Exchange had an offering of 2,665 head, 1,907 of which sold. 667 sold for 1 to 9 day delivery with a weighted average of $117.80, 580 head sold for 1 to 17 day delivery with an average of $118.45, and 660 head for 17 to 30 day delivery had a weighted average of $117.34. The next sale is scheduled for July 19th.

Boxed beef at midday was sharply lower, with Choice down $2.17 at $213.07 and Select $2.24 lower at $198.27.

At Ozarks Regional Stockyards feeder cattle sale in West Plains, Missouri on Tuesday, compared to two weeks ago, steer and heifer calves were $2 to $5 lower, with some as much as $7 lower. Yearling steers were weak to $4 lower and yearling heifers were not tested. The USDA says there were several large strings of yearling steers, along with a lot of small packages and single head lots. Buyers were a little reluctant because of the weather and the USDA the overall quality was not as attractive as the last test. Supply and demand were both called moderate. 69% of the feeder supply were steers and 67% of the total offering weighed more than 600 pounds. Medium and Large 1-2 feeder steers weighing 600 to 700 pounds sold at $133 to $156 and 800 to 880 pounders brought $131 to $139. Medium and Large 1 feeder heifers weighing 500 to 590 pounds were reported at $135 to $152.50 and Medium and Large 1-2 heifers weighing 700 to 800 pounds ranged from $125 to $130.

Cash hogs are mixed. Market ready numbers continue to be relatively tight and pork demand is strong, but both are headed for some negative seasonal trends. If the latest hogs and pigs report was any indication, herd expansion should get underway later this month or early next month. The average Iowa/Southern Minnesota hog weight for the week ending July 8th was 278.0 pounds, up 0.6 on the week, but down 0.3 on the year.

Western Cornbelt direct barrows and gilts opened $1.20 lower at $82 to $87.50 for a weighted average of $86.61 and national direct business is down $1.42 at $82 to $87.50 with an average of $85.46. Butcher hogs at the Midwest cash markets are steady to $2 lower at $57 to $63. Missouri direct butchers are steady to $1 higher at $81 to $82 on light to moderate supply and demand. Sows are $5 higher at $45 to $62. Illinois direct sows are firm at $54 to $66 on very good demand for heavy offerings. Barrows and gilts are firm at $57 to $63 on good demand for moderate offerings. Boards range from $10 to $45.

Pork at midday was $1.58 higher at $106.84. Ribs jumped $11.51, picnics were $5.42, butts were up $4.01, and bellies were $3.63 higher, but hams and loins were lower.