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Midday cash livestock markets

Direct cash cattle markets are mostly at a standstill. Asking prices are $115 on the live basis and $184 to $185 dressed, with bids reported at $110 live and $175 to $177 dressed. DTN says a few hundred head in Iowa have sold at $181 dressed, for delivery early next month. Widespread business this week is expected to wait until at least after the Fed Cattle Exchange activity Wednesday and could even be delayed until after the USDA’s cattle on feed report Friday. Available numbers are rising and this week’s slaughter could be the largest in months.

Boxed beef at midday was mixed. Choice was up $.20 at $199.12 and Select was down $.51 at $195.93.

At the Oklahoma National Stockyards feeder cattle auction Monday, feeder steers and heifers were $6 to $10 lower. Long weaned steer and heifer calves were steady, while short weaned or unweaned calves were as much as $10 lower. The USDA says demand was moderate to good for feeder cattle and weaned calves, but light for unweaned or short weaned varieties, with quality said to be mostly average. 59% of the feeder offering were steers and 69% of the run weighed more than 600 pounds, Medium and Large 1 feeder steer calves averaging 643 pounds brought $138.50 to $146 and 700 to 780 pound steers sold at $142 to $149. Medium and Large 1 feeder heifer calves weighing 600 to 690 pounds ranged from $127 to $136 and Medium and Large 1 to 2 heifers weighing 600 to 630 pounds were reported at $131.50 to $134.

Cash hogs are mostly lower. After the mixed finish Monday, buyers want to reassert their leverage, helped out by good processing margins and increasing market ready numbers. Early projections for this week’s slaughter top 2.3 million head, which would be up relatively modestly on both the week and the year. The seasonal increase in market ready numbers is really expected to start to gain steam around Labor Day.

Iowa/Southern Minnesota direct barrows and gilts opened $.64 lower at $72 to $78.75 for a weighted average of $77.37, the Western Cornbelt is down $.55 at $72 to $78.75 with an average of $77.37, and national direct business is $.66 lower at $72 to $78.75 for an average of $76.68. Butcher hogs at the Midwest cash markets are steady at $50 to $55. Missouri direct butcher trade is $4 lower to $1 higher at $69 to $73 on light to moderate supply and demand. Sows are steady to $3 higher at $58 to $70.

Pork at midday was down $.02 at $94.09. Picnics were sharply lower, while butts, hams, and bellies were down modestly.

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