Market News

Midday cash livestock markets

Trade has been quiet this morning following yesterday’s light to moderate activity.  It’s looking more and more like trade is essentially finished, but there could see a few clean-up deals this afternoon.  Southern live deals were mostly $5 lower than last week at $110 and Northern dressed business was $10 lower than last week’s weighted average basis in Nebraska at $173 to $175. Asking price for the few showlists are around $112 plus in the South and $178 plus in the north.  DTN has bids reported at $109 range in Nebraska.

Direct cash cattle trade at the New Cambria Livestock Auction in Missouri had a lower undertone compared to the last auction.  The feeder market has been under pressure, pushed lower due to volatility at the CME and declining fat cattle trade.  The USDA says the local cash feeder market responded accordingly as buyers are working on tighter margins.  Supply was heavy and demand was moderate.  The offering included more than 50 percent heifers and all of supply was over 600 pounds.  Medium and Large 1 steers 600 to 700 pounds were $150.25 to $165.50 and Medium and Large 1 steers 700 to 800 pounds brought $144.75 to $155.00.  Medium and Large 1 heifers 600 to 700 pounds brought $136.25 to $149.50 and Medium and Large 1’s 700 to 800 pounds brought $122.50 to $140.75.

Boxed beef cutouts are lower at the midday with light to moderate box movement.  Choice is down $.57 at $195.06 and Select is down $1.70 at $192.50.

Cash hogs are sharply lower following suit with the futures complex. The trade continues to watch the seasonal increase of market ready numbers which would add more pork to the market.  That continues to raise concerns about how much more pork the market could handle.  The Western Corn Belt is $3.12 lower with a range of $69 to $75 and an average of $72.40 and barrows and gilts at the National Daily Direct are down $2.25 at the midday with a range of $69 to $75 and an average of $73.15.  The other major direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $48 to $54.

At the Interior Missouri Direct, barrows and gilts are steady at $69 to $71.  The USDA says both supply and demand are light to moderate.  Sows are steady at $58 to $70.  For the week barrows and gilts are $1 to $2 lower and sows are $2 to $3 lower.

At Illinois sows are $1 lower at $57 to $71 with moderate demand for moderate offerings.  Barrows and gilts are steady $46 to $55 with moderate demand for moderate offerings.

Pork is up $1.06 at $93.03 at the midday.  Strong gains in bellies are moderated by a sharp decline in the rib.