Market News

Midday cash livestock markets

Direct cash cattle trade has been fairly quiet this morning with just a few scattered bids in parts of Nebraska.  The rest of cattle country has yet to release bids or asking prices.  Early guesses are that steers and heifers will start out around $120 in the south and $190 in the North. But any significant trade volume is expected to be delayed to later in the week.  However, tomorrow’s Fed Cattle Exchange could spark direct trade a little earlier than anticipated.

Boxed beef cutouts are higher on moderate demand.  Choice is up $1.08 at $206.83 and Select up $.87 at $198.77.

At the feeder cattle auction in Joplin Missouri – steers under 700 pounds traded steady to $3 lower.  The USDA says there was moderate demand on light to moderate supply.  Fifty percent of the feeder cattle supply were steers and 59 percent of the total offering weighed more than 600 pounds.  Medium and large 1 steers weighing 600 to 700 pounds had a range of $151.00 to $165.00; calves brought $146.00 to $160.00; 700-800 pound steers brought $145.00 to $153.85.  Medium and large 1 heifers 600-700 pounds brought $140.00 to $144.00; calves traded $137.00 to $143.00; and 700-800 pound heifers brought $134.00 to $137.00.

Hog buyers have been on the defensive again and the market continues to monitor wholesale prices as the Labor Day holiday gets closer. The major direct hog markets have been delayed by packer submission problems. In the prior day report, Iowa/Southern Minnesota direct barrows and gilts were $1.50 lower with a range of $75.00 to $81.00 and a weighted average of $80.12; the Western Corn Belt closed $1.50 lower with a range of $75 to $81.50 and a weighted average of $79.92; and barrows and gilts at the national daily direct were $1.64 lower with a range of $75 to $81.50 and a weighted average of $79.40.

Butcher hogs at the Midwest cash markets opened steady at $52 to $60.

Pork cutout is slightly lower, down $.21 at $99.45.  Primals are mixed at the midday with butts, picnics, and ribs trading sharply higher moderating losses in hams and bellies.

Midday at the Chicago Mercantile Exchange – live cattle are mostly higher with support from the weakness in the corn market.  Triple digit gains in feeder cattle with buying interest sparked by both the premium of the cash index and weakness in the corn market.  Lean hogs are moderately lower pressured by signs of another round of softer cash sales.