Market News

Midday cash livestock markets

The big feature at the major direct cash cattle markets today is the distribution of this week’s new showlist. Last week’s sharply lower trade has created some questions about whether or not business has hit its seasonal top. Last week’s business in the South was mainly done Wednesday at $135 to $140 on the live basis, mostly $138, down $7 from the previous week’s weighted average in Kansas and $6 lower in Texas. Trade in the North was mostly on Thursday with live sales at $137 to $138, down $7 to $8 when compared to the prior week in Nebraska, and dressed sales at $217 to $221, a drop of $9 to $13. According to DTN, this week’s showlist should be larger than last week in most of the major feeding areas and the weekly kill is expected to rise over the next couple of months. Widespread trade is expected to wait until after the Fed Cattle Exchange results on Wednesday.

It looks like the boxed beef market’s strength has topped out with most of the retail purchasing for Memorial Day wrapped up. At midday, Choice was $1.66 higher at $249.35 and Select was $.12 lower at $225.39.

At the feeder cattle auction in Oklahoma City, feeder steers and heifers were steady to $3 lower than last week. Steer and heifer calves are lightly tested with a lower undertone. The USDA says a lot of the offerings are for cattle just off of wheat pastures, lowering buying interest somewhat. Quality is called mostly average to attractive. 56% of the offering is steers and 59% of the feeder cattle supply weighs more than 600 pounds. Total receipts are 8,500 head, compared to 12,473 a week ago and 8,225 a year ago. Medium and Large 1 600 to 700 pound feeder steers sold at $157 to $167.50 with 800 to 900 pounders at $141 to $141.50. Medium and Large 1 400 to 500 pound feeder heifers ranged from $159 to $165.

Cash hogs are mostly steady. Business is supported by improving wholesale demand and generally tighter market ready numbers. Margins moved lower last week, which could limit some of that buying interest. Iowa/Southern Minnesota direct barrows and gilts opened $.45 higher at $66 to $71 with a weighted average of $70.68, the Western Cornbelt was up $.40 at $66 to $71 for an average of $70.62, and national direct business is down $.15 at $66 to $71 with an average of $69.57. Butcher hogs at the Midwest cash markets are steady at $44 to $50. Missouri direct butchers are steady at $59 to $62 with supply and demand both called light to moderate. Sows are steady to $3 lower at $36 to $50. Illinois direct sows are steady at $40 to $52 on moderate demand for heavy offerings. Barrows and gilts are firm at $45 to $52 on good demand for moderate offerings. Boars ranged from $7 to $27.

At midday, the pork carcass cutout value was unchanged at $83.29. Hams and loins were lower, butts, picnics, ribs, and bellies were higher.

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