Market News

Midday cash livestock markets

The country is very quiet this morning with the bulk of business done for the week. Asking prices for the few cattle left on showlists are around $165-plus in the South, and $265-plus in the North. Beef cutouts are expected to be lower with light to moderate box movement. The majority of cash cattle trade this week has been at mostly $164 on a live basis and $264 dressed, both about $1 lower than last week’s weighted averages.

Boxed beef is higher with Choice $.43 higher at $284.38 and Select is $1.41 higher at $273.17. The Choice/Select Spread is $11.21.

At the Winter Livestock Auction in Pratt, Kansas, compared to last week, feeder steers 700 to 1,000 pounds sold $2 to $4 lower.  Steers 400 to 700 pounds sold $6 to $8 lower, however thin fleshed weaned steer calves sold steady to $2 higher.  Feeder heifers 850 to 950 pounds sold $8 to $10 higher.  Feeder heifers 600 to 850 pounds sold steady to $2 lower.  Heifer calves 400 to 600 pounds sold $2 to $5 higher, however thin weaned heifers suitable for grazing sold up to $10 higher.  The USDA says demand was moderate, however, demand was good on thin weaned calves.  Receipts were up on the week, but down on the year.  59 percent of the supply were steers and 84 percent of the offering was over 600 pounds.

Medium and Large 1 feeder steers 651 to 699 pounds brought $200 to $214 with an average price of $205.79 and feeder steers 757 to 791 pounds brought $186 to $192 with an average price of $188.61. Medium and Large 1 feeder heifers 451 to 489 pounds brought $221 to $233 with an average price of $222.85 and feeder heifers 719 to 739 pounds brought $175 to $181 with an average price of $179.81.

Cash hogs are lower. The cash hog market continues its inconsistent pattern.  Processors have moved large runs this week and could be at a point where they have their needed numbers so prices and negotiated purchases could fall back some.  There’s some broader market pressure.  While demand has held relatively strong, concerns about a slowing global economy could carry over to the cash hog market, weaken demand, and ultimately push prices lower. 

Barrows and gilts at the National Daily Direct are $.65 lower with  a base range of $72 to $79 with a weighted average price of $77.81; Iowa/Minnesota is $1.40 sharply lower with a weighted average price of $77.95; Western Corn Belt is $1.76 sharply lower with a weighted average price of $77.59; the Eastern Corn Belt did not report due to confidentiality reasons.

Butcher hogs are steady in Red Oak, Iowa at $40 with Dorchester, Wisconsin, and Garnavillo, Iowa closed.

Pork Values are $1.31 lower.  Butts, hams and bellies are sharply lower.  Loins and ribs are higher with picnics $6.80 sharply higher.