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Midday cash livestock markets

Direct cash cattle markets are quiet. This week’s showlist looks mixed, mostly lower, and packer profit margins are tighter, which might limit spending and could push back the week’s business, maybe even after the USDA’s Cattle on Feed report out Friday afternoon. Weather in some of the major feeding areas is expected to restrict movement and make it harder for cattle to gain weight. Last week’s business was mainly at $124 on the live basis, steady with the previous week, and mostly $199 dressed, down $1 from the week before. The trade volume and formula totals were mixed, higher in Nebraska, lower in Texas and Kansas.

Boxed beef at midday was mixed with moderate movement. Choice was up $.79 at $215.43 and Select was down $.12 at $213.36.

At the Oklahoma National Stockyards feeder cattle sale, compared to the previous week, steers were steady to $4 lower, while 600 to 700-pound heifers were $1 higher and heavier weights were steady to $2 lower. Steer calves were steady to $5 higher and heifer calves were steady. The USDA says demand was moderate to good for the plain to attractive offering and receipts were up on both the week and the year. 59% of the run were steers and 57% of all feeders weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds were reported at $142.75 to $159 and 700 to 800-pound steers sold at $137 to $154.50. Medium and Large 1 feeder heifers weighing 500 to 600 pounds ranged from $135 to $152 and 600 to 700-pound heifers brought $133 to $144.

Cash hogs are mixed, with sizable opening negotiated numbers for the major direct markets. Buyers are trying to move the needed numbers following the holiday weekend and weather issues in some areas. The trade is watching demand signals, with weekly export sales out Friday morning. China reportedly bought a record amount of pork in November 2019, sourcing most of it from the European Union. The industry will also be digesting the USDA’s Cold Storage numbers Wednesday and the livestock slaughter report for December, out Thursday.

Pork at midday was $1.17 higher at $78.28. Hams gained $4.16, with picnics and bellies also up sharply. Loins, butts, and ribs were weak to lower.

National direct barrows and gilts are $.01 lower at $46 to $53 with a weighted average of $51.81, while Iowa/Southern Minnesota is $.44 higher at $52.20 and the Western Corn Belt is up $.27 at $52.04. Butcher hogs at the Midwest cash markets are steady at $36. Illinois direct sows are $1 to $2 higher at $12 to $20 on moderate demand for heavy offerings. Barrows and gilts are steady at $28 to $36 with moderate demand and offerings. Boars range from $5 to $15.

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