Market News

Midday cash livestock markets

There are just a few bids on the table in cattle country on Friday at 103.00 live and 160.00 dressed. Asking prices on the few cattle left on Southern showlists are around 106.00 to 107.00. Some sources are telling DTN that business is essentially done for the week, although there may still be a little clean up trade. But given the triple digit losses in the live and feeder cattle futures at midday the guess is trade will be suspended for the week.

Choice boxed beef in the morning report 187.94, down 1.83, select 178.93, .01 lower.

Feeder cattle receipts at Missouri auctions this week totaled 20,500 head. Compared to last week, feeder steers and heifers were steady to 5.00 lower. The cattle market continues to encounter falling prices, despite the short lived rebound from last week. Buyers are looking for those weaned calves that are participating in health programs, which is consistent with this time of year. The weather is starting to cool off and buyers do not want to worry about sick calves. Feeder steers medium and large 1 averaging 677 pounds traded at 138.79 per hundredweight. 672 pound heifers traded at 130.94.

Slaughter cattle receipts at the Walnut, Illinois Livestock Auction totaled 350 head on Thursday. Compared to last week slaughter steers and heifers sold 2.50 to 8.00 lower. Slaughter cows were 2.00 to 3.00 lower. The trade was active with poor demand. Slaughter steers choice 2-3 traded 93.00 104.00. Choice 2-4 heifers from 91.00 to 101.25.

Barrows and gilts in the Iowa/Minnesota direct trade are 1.09 lower, the West is down 1.00 with both at 48.13 weighted average on a carcass basis, and nationally the hog market is 1.08 lower at 47.87. Missouri direct base carcass meat price is 1.00 lower from 44.00 to 46.00. Midwest hogs on a live basis are lightly tested, steady from 27.00 to 36.00.

The pork carcass value is down .58 at 73.47 FOB plant.

The quarterly hogs and pigs report is due for release at two-o-clock central time today. The average projected estimate is one point one-percent over year ago levels. This would be no shock given the current state of the market, but huge numbers will continue to pressure nonetheless.

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