Market News

Midday cash livestock markets

Direct cash cattle markets are quiet and the big focus is the distribution of this week’s new showlist. The ready numbers this week are expected to be larger than last week with widespread business not expected until at least Wednesday. Last week’s live business in the South was pretty much steady mostly at $120 and the dressed trade in the North was steady to $2 lower mainly at $188 to $190. Overall, it looks like business was moderate, despite high heat and narrowing processing margins. The USDA’s cattle on feed and inventory numbers confirm talk of expansion and are pressuring CME futures at midday.

Boxed beef at midday was higher. Choice was up $.53 at $207.44 and Select was $2.77 higher at $197.57.

The USDA says feeder cattle offerings in Nebraska last week were much lighter than the previous week, but up sharply on the year. Steers weighing less than 800 pounds were $4 to $7 higher and steers weighing more than 800 pounds were $1 to $3 higher. Feeder heifers weighing less than 700 pounds were $7 higher and heifers weighing more than 700 pounds were $3 to $5 higher. Demand was reported as good for weaned fall calves and yearlings off of summer grass and yearling steers are as much as $20 to $35 higher than this time last year. 76% of the run were steers and almost 99% of the total offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 620 to 700 pounds were reported at $174.50 to $192.25 and 800 to 900 pounders brought $150 to $167.25. Medium and Large 1 feeder heifers weighing 600 to 680 pounds sold at $150 to $170.75 and 700 to 800 pound heifers ranged from $147.50 to $157.75.

Cash hogs are mostly steady to lower. Buyers are trying to extend last week’s efforts to pay less while moving plenty of negotiated numbers and are also watching wholesale business. Last week’s slaughter could be an indication that the expansion of market ready numbers is really starting to get underway. USDA last week reported record monthly pork production during June, but this afternoon’s cold storage report should imply solid export and domestic demand.

Iowa/Southern Minnesota direct barrows and gilts opened $.71 lower at $77 to $83 for a weighted average of $82.86, the Western Cornbelt is down $.68 at $77 to $83.25 with an average of $82.86, and national direct business is $1.19 lower at $77 to $83.25 with an average of $82.13. Butcher hogs at the Midwest cash markets are steady to $2 lower at $54 to $66. Missouri direct butchers are steady to $1 lower at $79 to $81 on light to moderate supply and demand. Sows are steady to $6 higher at $52 to $64.

Pork at midday was down $.67 at $102.11. Loins, ribs, and hams were sharply lower.