Market News
Midday cash livestock markets
At midday on Tuesday, direct cash cattle market are quiet. Asking prices are around $120 in the South and $190 in the North. There are a few bids at $115 Live in Kansas, but packer inquiry is light overall and widespread business is not expected until the second half of the week. This week’s showlist is smaller than last week.
Boxed beef at midday was mixed. Choice was down $.57 at $200.57 and Select is up $.36 at $194.23.
The cold storage numbers for beef were bearish, coming in larger than expected and up 13 million pounds from June because of high production levels. The five year average is for a 10 million pound decline from June to July.
At the Joplin Regional Stockyards in Missouri Monday, compared to the previous week, steer and heifer calves weighing less than 500 pounds were steady to $2 lower, while steer and heifer calves weighing more than 500 pounds were $3 to $5 lower. Yearlings were down $2 to $4. Demand and supply were both called moderate. 400 to 500 pound feeder steers sold at $163.50 to $190.00 and 500 to 600 pounders brought $150 to $167. 400 to 500 pound feeder heifers ranged from $142.50 to $154 and 500 to 600 pound heifers were reported at $133 to $148.50.
Cash hogs are steady to lower. Market ready numbers are ample. This week’s slaughter is seen at around 2.3 million head, which would be up 2% on the year and continuing the recent pattern of stepped up business. Dressed hog weights for the week ending August 6th were 208 pounds, down a pound on the year.
Iowa Southern Minnesota barrows and gilts opened $1.05 lower with a weighted average of $62.37, the Western Cornbelt was $.99 lower at $62.37, and National Direct trade was $.93 lower at $61.47. Butcher hogs at the Midwest cash markets are steady at $39 to $50. Illinois Direct sows are steady at $43 to $55, with boars selling at $11 to $25.
The pork cutout at midday was down $.19 at $75.61. Ribs were up, all other primals were weak to sharply lower.
Pork in cold storage came out at nearly 600 million pounds, larger than expected. That’s up 2% on the month and Allendale says that was the first supply increase during July in 10 years. The last July increase in their records was in 1970. The five year average for June to July is for a 22 million pound decrease.
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