Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are $111 to $112 on the live basis and $174+ dressed, with a few bids at $172 dressed. Wednesday’s live trade was light to moderate at mostly $110, steady with the weighted averages for both this week and last week, with lighter dressed business mostly at $172, generally steady with last week’s weighted average for Nebraska. More trade will need to be done, but it could wait until after Friday afternoon’s USDA Cattle on Feed numbers. Beef export sales were a marketing year high at 46,400 tons, with South Korea, Mexico, and Japan leading the way.

At the Huss Livestock Market feeder cattle sale in Nebraska, compared to the previous week, 450 to 600 pound steers were steady to $3 higher and 600 to 800 pounders were steady to $2 lower, while 400 to 500 pound heifers were $2 to $5 higher and heifers weighing more than 500 pounds were $1 to $3 lower. Demand was moderate to good with receipts of 3,056 head, up on the week, but down more than 2,000 on the year. 62% of the offering were steers and 53% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds were reported at $153 to $167 and 600 to 700-pound steers brought $141 to $156. Medium and Large 1 feeder heifers weighing 500 to 600 pounds ranged from $135.50 to $152 and 600 to 700-pound heifers sold at $130 to $143.50.

Boxed beef at midday was firm to higher with moderate movement. Choice was up $1.94 at $237.78 and Select was $.27 higher at $213.89.

Cash hog business is mostly lower, with a good opening negotiated run at the major direct markets. That mostly lower trend comes as most buyers try to limit spending in the face of demand uncertainties. Export sales of 28,900 tons were down 32% on the week, mainly to Mexico, Canada, and South Korea. China bought 2,100 tons, but also canceled on 1,400 tons. The USDA’s red meat production numbers for October are out at 3 Eastern/2 Central, with the cold storage report scheduled for Monday afternoon.

National direct barrows and gilts opened $.38 lower with a range of $52 to $58.50 and a weighted average of $58.14 and the Western Corn Belt is $.07 higher at $57.27. Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are $2 lower at $35 in Dorchester, Wisconsin and $39 in Garnavillo, Iowa. Illinois direct sows are steady at $32 to $45 on good demand for moderate to heavy offerings. Barrows and gilts are steady at $39 to $42 with moderate demand and offerings. Boars range from $5 to $19.

Pork at midday is $1.14 higher at $78.82. Loins, butts, ribs, and hams were up sharply, while picnics and bellies were down sharply.

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