Market News

Midday cash livestock markets

Direct cash cattle markets are quiet after the light trade that developed late Wednesday in Nebraska. Sales were mostly at $188 on the dressed basis, down $2 from last week’s weighted average, with a few as high as $189 to $190. Profit margins have narrowed recently and widespread business may wait until after Friday’s USDA numbers. Asking prices are around $121 to $122 live and $190 to $192 dressed with bids reported at $115 to $117 live and $187 and $190 dressed.

Boxed beef at midday was modestly higher. Choice was up $.36 at $208.09 and Select was $.37 higher at $195.86.

At the Hub City Livestock Auction feeder sale in South Dakota, there was no trend, because this week’s sale featured different weight classes than last week. The USDA says most of the offerings were packages, with a few strings and loads, and demand was good to very good with an active market. The quality and flesh condition of the cattle varied. Heifers accounted for 59% of the run and 99% of the total offering weighed more than 600 pounds. Medium and Large 1 feeder steers averaging 911 pounds sold at $138.50 to $147.50 and Large 1 steers averaging 1,024 pounds brought $139.25 to $144.25. Medium and Large 1 feeder heifers averaging 831 pounds ranged from $133.75 to $146 and Large 1 heifers averaging 1,091 pounds were reported at $125.

Cash hogs are steady to lower. Buyers are continuing to move the needed numbers, with the weekly kill expected to be up about 4% on the year. As prices have dipped, negotiated receipts have moved higher, reflecting the recent packer leverage. The trade is keeping an eye out for the seasonal expansion of market ready numbers, which is expected to get underway in earnest within the next couple of weeks, along with a top in the wholesale market.

Iowa/Southern Minnesota direct barrows and gilts opened $.42 lower at $83.75 to $85.25 for a weighted average of $84.84, the Western Cornbelt is down $.36 at $83.75 to $85.25 with an average of $84.84, and national direct business is $.93 lower at $79 to $85.25 for an average of $83.86. Butcher hogs at the Midwest cash markets are steady at $56 to $62. Missouri direct butcher trade is steady at $80 to $81 on light to moderate supply and demand. Sows are steady at $48 to $64. Illinois direct sows are firm at $60 to $68 with very good demand for moderate to heavy offerings. Barrows and gilts are $1 lower at $57 to $64 on good demand for moderate offerings. Boars range from $10 to $41.

Pork at midday was $.87 lower at $103.82. Bellies were up $3.06, all the other primals were weak to sharply lower.