Market News

Midday cash livestock markets

Direct cash cattle markets are quiet and the big feature should just be the distribution of this week’s new showlist. After last week’s mostly moderate activity, the ready numbers are expected to be at least a little larger. Prices were generally about $2 higher than the previous week, going in the face of the tightening margins and big drop in the wholesale market. Last week’s live range was $118 to $121, mostly $120, and dressed sales ranged from $189 to mostly $190. Asking prices this week are expected to be around $122+ on the live basis in the South and $192+ dressed in the North. Widespread business isn’t expected get underway until at least Wednesday.

Boxed beef at midday was higher, with Choice up $.57 at $209.92 and Select $1.12 higher at $196.54.

In South Dakota, for the week ending July 15th, feeder steers weighing less than 1,000 pounds were steady to $5 higher, with instances of $6 to $8 higher, while steers weighing more than 1,000 pounds were $3 to $4 lower. Feeder heifers were $3 to $6 higher, except for those weighing more than 950 pounds, which were $5 lower. The USDA says there was good demand for cattle that will finish out in the fourth quarter of 2017, and moderate demand for heavier weights that will finish out later this summer. 600 to 700 pound feeder steers had an average of $167.77 and 700 to 800 pounders averaged $157.61. 600 to 700 pound feeder heifers averaged $154.65 and 700 to 800 pound heifers were pegged at $144.79.

Cash hogs are mostly steady to lower. Buyers will start the week off assessing the available numbers and wholesale demand, with an eye towards bearish seasonal factors. Market ready numbers are due to start expanding within the next couple of weeks to a month and the wholesale market could be near a seasonal top. Even if demand continues to be solid, those increased market ready numbers would put a lot more pork on the market.

Western Cornbelt direct barrows and gilts opened $.24 lower at $84.79 to $87 for a weighted average of $86.57 and national direct business is down $.78 at $84.79 to $87.50 with an average of $85.61. Butcher hogs at the Midwest cash markets are steady at $57 to $64. Missouri direct butchers are steady at $81 with light to moderate supply and demand. Sows are steady at $45 to $62. Illinois direct sows are firm at $60 to $68 on very good demand for moderate offerings. Barrows and gilts are $2 higher at $57 to $65 with good demand for moderate offerings. Boars range from $10 to $41.

Pork at midday was $.80 higher at $105.28. Butts, hams, ribs, and bellies were firm to sharply higher, while loins and picnics were sharply lower.