Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. It looks like widespread business is wrapped up for the week after light to moderate trade Tuesday, Wednesday, and Thursday. Most of the week’s activity on the live basis in the south was at $136, about $.50 to $1 lower than the previous week, with dressed business in the north mainly at $227, down $2. Some cleanup trade is still possible, with asking prices at $138+ live and $228+ dressed. The USDA’s semi-annual Cattle Inventory and monthly Cattle on Feed numbers are out at 3 Eastern/2 Central. Most estimates have smaller total herd and lower number of cattle on feed due to drought in many major feeding areas.

Boxed beef at midday was higher with light movement. Choice was up $.45 at $268.21 and Select was $1.91 higher at $242.44.

At Winter Livestock Auction feeder cattle sale in Kansas, compared to the previous week, steers weighing 500 to 950 pounds were $4 to $9 lower, while the outstanding offer of heifers weighing 500 to 1,000 pounds were $3 to $6 higher. The USDA says there weren’t enough feeder steers and heifer calves weighing less than 500 pounds to for an adequate test. Demand was moderate for steers and good for heifers, with receipts up on the week and the year. Medium and Large 1 feeder steers weighing 800 to 900 pounds sold at $155 to $163.75 and 900-to-1,000-pound steers were reported at $154.25 to $160.50. Medium and Large 1 feeder heifers weighing 700 to 800 pounds brought $155 to $163 and 800-to-900-pound heifers ranged from $141 to $159.25.

Cash hogs are steady to lower with relatively light negotiated opening numbers for the major direct markets. That’s a signal that most buyers have the needed near-term numbers on hand. The industry is continuing to monitor demand signals, while waiting for the USDA’s monthly Cold Storage report out at 3 Eastern/2 Central. The USDA says pork production for June 2022 was up slightly from July 2021 with a heavier average live weight canceling out a modest decrease in the slaughter rate.

National direct barrows and gilts opened $3.05 lower, with a base price range of $113.50 to $134 and a weighted average of $117.99. The Iowa/Southern Minnesota, Western Corn Belt, and Eastern Corn Belt direct markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $80.

Pork at midday was $3.02 higher at $126.92. Primal cuts were all firm to sharply higher, including a $6.07 gain for bellies.