Market News

Midday cash livestock markets

Direct cattle markets are quiet. The big feature today will be the distribution of this week’s showlist. Business will have an eye towards next week’s holiday as well. DTN says last week’s trade in the South was mainly at $122 on the live basis, down $8 from the previous week’s weighted average, and activity in the North was primarily at $195 to $196 dressed, about $10 lower than the prior week’s weighted average in Nebraska. USDA reported negotiated sales of a little more than 84,000 head with average prices around $122 live and $194 dressed.

Last Friday’s cattle on feed report looks at least a little bearish, especially for deferreds and particularly because of the placements figure, with those cattle headed to market in late this fall and winter. Marketings were a little bit smaller than what many analysts were expecting. However, the numbers appear to have run their course pretty quickly, with CME live and feeder cattle futures higher at midday.

Boxed beef at midday was firm to higher. Choice was up $.03 at $239.78 and Select was $2.08 higher at $218.80.

The USDA says feeder steers in Missouri last week were steady to mostly $5 lower, with some instances of $10 lower, and heifers were unevenly steady to $5 lower. The state’s supply was called moderate, consisting mostly of 500 to 800 pounders. A number of operations had seasonally light runs. Receipts totaled 31,158 head, compared to 21,080 the previous week and 27,550 head a year ago. 500 to 600 pound feeder steers brought $145 to $183.50 and 600 to 700 pounders ranged $141 to $172. 500 to 600 pound feeder heifers sold at $134 to $163 and 600 to 700 pound heifers were reported at $130 to $158.75.

Cash hogs are mixed, depending on packer demand. This week’s kill is expected to fall below last week, which was the smallest non-holiday weekly slaughter of the year so far. Supplies are expected to start to increase gradually starting in early July. The major direct markets did open lower, but it hasn’t been uncommon recently to see a lower, relatively light, start to the day, followed by a higher close.

Iowa/Southern Minnesota direct barrows and gilts opened $2.77 lower at $82 to $86 with a weighted average of $83.57, the Western Cornbelt is down $2.57 at $82 to $86 for an average of $83.70, and national direct business is $.95 lower at $82 to $86 with an average of $84.85. Butcher hogs at the Midwest cash markets are steady at $55 to $62. Missouri direct butchers are steady at $78 to $81 on light to moderate supply and demand. Sows are $2 to $9 higher at $42 to $50. Illinois direct sows are $1 higher at $45 to $58 with good demand for moderate offerings. Illinois direct barrows and gilts are firm at $59 to $62 with good demand for moderate offerings. Boars ranged from $10 to $40.

Pork at midday was up $.12 at $101.27. Ribs were lower, all other primals were firm to higher.

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