Market News

Midday cash markets

Direct cash cattle trade picked up today compared to last week.  Bids are ranging at about $115 live in the South.  Northern dressed trade is very light with asking prices about $2 lower than last week’s average in Nebraska at $184 to $185.  Some asking prices continue to be around $118 in the South and $188 in the North. Trade could increase by the end of the day.

The offering at this week’s Fed Cattle Exchange was better than last week with over 1,600 head and 518 head sold with a weighted average of $115.04 down $.96 from last week.  There were 397 sold for 1-9 Day with weighted average of $115.28; 48 sold for 1-17 day delivery with an average of $114.50; and 73 sold for 17-30 day delivery with an average of $114.  The next event is scheduled for Wednesday, August 16^th.

The boxed beef cutout is mixed at the midday on light to moderate movement.  Choice is down $.08 at $202.17 and Select is up $.17 at $197.03.

At the feeder cattle auction in Philip Livestock Auction in Sioux Falls, SD, the USDA says there was good demand for several strings and many packages of feeder steers and heifers.  Much of the supply was off grass and carried light to moderate flesh.  Of the feeder cattle offering – nearly 60 percent of the supply was heifers.  Medium and Large 1 steers 950 to 1000 pounds brought $142 to $147, other classes were too lightly tested.  Medium and Large 1 heifers 900 to 950 pounds brought $135 to $140.75 and heifer s950 to 1000 pounds brought $144.75 to $138.50.

The major direct barrow and gilt markets are yet to be reported today due to confidentiality.  Yesterday Iowa/Southern Minnesota direct barrows and gilts closed higher with a range of $72 to $82 for a weighted average of $80.88; the Western Corn Belt was higher with a range of $72 to $82 with an average of $80.67; and trade at the national daily direct was higher with a range of $72 to $82 and an average of $79.78.

Butcher hogs at the Midwest cash markets are trading steady to $2 lower at $51 to $58.  At the Interior Missouri Direct barrows and gilts are steady to $1 lower with a base price of $70 to $73 and sows are steady to $2 lower at $56 to $72.  At the Illinois direct sow price are $2 lower with a range of $60 to$74.  The USDA says there is good demand for moderate to heavy offerings.  Barrows and gilts were firm at $48 to $56 with moderate demand for moderate offerings.

Pork cutout is weak at the midday.  Strength in picnics and ribs are cancelled out by losses in loins, butts, and weakness in bellies.