Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Asking prices are $115 to $117 on the live basis and $180 to $182 dressed, with bids of $110 live and $175 to $178 dressed. Widespread business this week could wait until Friday’s USDA cattle on feed report. This week’s offering at the Fed Cattle Exchange was 1,184 head and none sold.

Boxed beef at midday was modestly lower. Choice was down $.36 at $198.59 and Select was $.27 lower at $195.60.

At the Loup City Commission feeder cattle sale in Nebraska, it was the first sale in several weeks, so no trend was available, with receipts of nearly 2,500 head. The USDA says there was large crowd of buyers and sellers. 58% of the run were steers and almost 66% of the offering weighed more than 600 pounds. 75 head of Medium and Large 1 feeder steers averaging 846 pounds sold at $148.60 and 128 head averaging 980 pounds ranged from $134.20 to $138.40. 96 head of fleshy Medium and Large 1 feeder heifers averaging 763 pounds were reported at $134 to $134.50 and 800 to 870 pound heifers brought $130.75 to $139.50.

Cash hogs are steady to lower. Buyers are lowering the cost of live inventory, with help from the good processing margins and increasing market ready numbers. That seasonal increase in market ready numbers is really expected to get going around Labor Day. The average Iowa/Southern Minnesota hog weight for the week ending August 12th was 276.6 pounds, up 1.1 on the week and 2 on the year.

Iowa/Southern Minnesota direct barrows and gilts opened $.06 lower at $71 to $78 for a weighted average of $77.44, the Western Cornbelt is also down $.06 at $71 to $78 with an average of $77.44, and national direct business is $.87 lower at $71 to $78 for an average of $76.19. Butcher hogs at the Midwest cash markets are steady at $50 to $55. Missouri direct butchers are steady to $2 lower at $69 to $71 on light to moderate supply and demand. Sows are mostly steady to $2 lower at $58 to $70. Illinois direct sows are steady at $58 to $72 with good demand for moderate to heavy offerings. Barrows and gilts are steady at $47 to $55 on moderate demand and offerings. Boars range from $10 to $38.

Pork at midday was $2.12 lower at $91.73. Hams were weak, loins were lower, and bellies dropped $15.54.