Market News

Midday cash livestock markets

Direct cash cattle trade is showing signs of getting underway. Asking prices are $151 to $152 on the live basis in the south and $245+ dressed in the north, with bids at $150 live in Kansas and Texas. Some trade is being reported at $150 live in Texas, steady with last week and packer inquiry is improving, with widespread trade potentially developing this afternoon, depending on demand. The USDA has reported a handful of sales averaging around $152, but not enough to establish a trend. Wednesday at the Fed Cattle Exchange, 887 head were on offer, 0 sold as bids failed to meet reserve prices. The USDA’s monthly Cattle on Feed report is out Friday afternoon and the October placements category will be watched closely.

Boxed beef at midday was mixed with solid movement. Choice was down $.33 at $258.03 and Select beef was up $.48 at $232.24, putting the spread at $25.79.

At the Ozark Regional Stockyards feeder cattle sale in Missouri, compared to the previous week, steer calves were uneven, from $4 lower to $3 higher and yearling steers were steady. Heifer calves were steady to $3 lower and yearling heifers were not well tested. The USDA says demand was moderate for a moderate supply with a less attractive offering than last week, mostly presented in smaller packages. Receipts were down on the week and the year, with winter weather and deer season a factor. 48% of the feeder offering were steers and 63% of the total run weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 550 to 640 pounds were reported at $185 to $206 and Medium and Large 1 to 2 steers weighing 600 to 700 pounds sold at $155 to $177. Medium and Large 1 feeder heifers weighing 550 to 650 pounds brought $161 to $171 and Medium and Large 1 to 2 heifers weighing 400 to 500 pounds ranged from $141 to $160.

Cash hogs are mixed, mostly steady to higher, with good opening negotiated sales at the major direct markets. Most buyers are following through on Tuesday with another round of higher bids to move the needed near-term numbers. There’s been no apparent impact on movement from snow and cold temperatures in much of the Midwest. The industry has an eye on slower trade next week because of Thanksgiving and is monitoring holiday demand signals.

National direct barrows and gilts opened $1.07 higher with a base price range of $78 to $91 for a weighted average of $85.52, while Iowa/Southern Minnesota and the Western Corn Belt were both up $2 and both averaged $88.68.

Butcher hogs at the Midwest cash markets are steady at $60. Illinois direct sows are $3 lower at $56 to $68 with light demand for light to moderate offerings. Barrows and gilts are steady at $58 to $68 on moderate demand and offerings. Boars range from $9 to $35.

Pork at midday was down $1.12 at $94.58. Loins, ribs, hams, and bellies were weak to sharply lower. Butts and picnics were sharply higher.