Market News

Midday cash livestock markets

Direct cash cattle markets are quiet, assessing yesterday’s trade and seeing how much business is left to be done. Live business was mostly at $115, down $3 on the week, and dressed trade was primarily at $182, $5 lower than last week’s weighted average in Nebraska. Activity in most major feeding areas was light to moderate, so while there may still be some clean-up trade today and tomorrow, the bulk of the week’s business may be wrapped up. Asking prices for what’s left on the showlist are $118 live and $185+ dressed. DTN is reporting bids at $179 on the dressed basis in Nebraska.

Boxed beef at midday was higher. Choice was up $.84 at $201.16 and Select was $.62 higher at $194.35.

Net beef export sales for the week ending August 18th were 8,000 tons, down 43% on the week and 53% lower than the four week average. The big weekly buyer was South Korea at 2,000 pounds.

At the Huss Platte Valley Auction in Nebraska Wednesday, compared to the previous test two weeks ago, yearling steers and heifers were $4 to $6 lower with no recent comparison for other weights. The USDA says the offering included packages of bawling spring calves with a handful of weaned calves and yearlings mostly coming off of grass. 915 to 1,000 pound feeder steers ranged from $137.35 to $143.60 with steers topping 1,000 pounds selling at $136 to $137.35. 815 to 900 pound feeder heifers brought $131 to $139.20. A string of fleshy heifers averaging 910 pounds sold at $127.

Cash hog trade is steady to lower. Buyers hold plenty of leverage and are expected to follow through on yesterday’s large negotiated sales. Market ready numbers are ample with buyers apparently pulling supplies ahead, profit margins are good, and there’s plenty of pork available right now.

Iowa/Southern Minnesota barrows and gilts opened $.73 lower with a weighted average of $61.83, the Western Cornbelt was down $.74 at $61.83, and national direct trade was $.85 lower at $61.36. Butcher hogs at the Midwest cash markets are steady at $37 to $50. Missouri direct butcher trade is steady at $54 to $60 on light to moderate supply and demand. Missouri sows are steady at $40 to $51. Illinois direct sows were mostly steady at $42 to $54 with moderate demand for light to moderate offerings. Boars ranged from $11 to $25.

The pork cutout at midday was up $.61 at $76.22. Hams and bellies were lower, the other primals were firm to sharply higher, including big gains in picnics and ribs. For ribs, that was a reversal of Wednesday’s big loss.

Net pork exports were 27,100 tons, up 77% on the week and 87% on the year with Mexico buying more than 9,000 tons.

The USDA’s July livestock and poultry slaughter numbers are out 3 PM Eastern/2 PM Central.