Market News

Midday cash livestock markets

Direct cash cattle business is essentially wrapped up for the week. Most of the week’s trade was Wednesday and done at sharply lower than a week ago prices. Business was light to moderate so there are likely still more cattle available, but sharply lower bids have made sellers reluctant and buyers appear to be content to wait until next week. There was very light trade yesterday at $179 dressed in Nebraska. DTN is extremely light trade at $110.50 live in Iowa and $179 dressed in Nebraska.

DTN says cattle carcass weights for all types for the week ending August 13th averaged 826 pounds, up 2 on the week, but down 11 on the year. Steers averaged 887 pounds, a pound heavier than last week and 13 lighter than last year. Heifers averaged 808 pounds, 5 higher than a week ago and 6 lower than a year ago.

Boxed beef at midday was modestly lower. Choice was down $.63 at $199.73 and Select was $.12 lower at $194.03.

At the Mitchell Livestock Auction in South Dakota on Thursday, compared to two weeks ago, feeder steers weighing 700 to 800 pounds had a weaker tone, but in a narrow comparison, with 800 to 850 pound steers $3 to $5 lower and 900 to 950 pounders mostly steady. 700 to 750 pound feeder steers were steady to weak, with 800 to 850 pound heifers $3 to $7 lower and 850 to 950 pounders steady with a few instances of $3 higher. Demand was moderate to good with a moderately active market. Flesh condition was mostly moderate to moderate plus since the bulk of the offering came out of backgrounding yards. The USDA says a couple of packages of light to moderate fleshed cattle came off of grass. There was a large offering of Holstein steers with moderate to good demand. 840 to 900 pound feeder steers sold at $135 to $143.75. 850 to 900 pound Holstein steers brought $100 to $104.50. 900 to 980 pound feeder heifers ranged from $125.50 to $134.35.

Cash hog markets are steady to lower. Buyers have held plenty of leverage over the market this week with lower bids leading to fairly good movement. The slaughter rate’s been very high over the last couple of weeks. Saturday’s kill is expected to be around 110,000 head, which is big for this time of year. Market ready numbers are ample and processing margins are good.

National direct barrows and gilts opened $1.62 lower at $54.50 to $61 for a weighted average of $60.06 and a five day rolling average of $62.10. The Iowa/Southern Minnesota, Western Cornbelt, and Eastern Cornbelt direct markets were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $37 to $50. Missouri direct butchers are steady to $1 lower at $54 to $59 with light to moderate supply and demand. Missouri sows are steady at $40 to $51. Illinois direct sows were mostly steady at $41 to $54 with moderate demand for light offerings. Boars ranged from $12 to $25.

The pork cutout at midday was $.22 lower at $76.31. Loins, picnics, and ribs were sharply lower.