Market News

Midday cash livestock markets

Direct cash cattle trade has started to pick up at midday.  There are some bids noted and it’s expected packer inquiry will improve as the day progresses.  Opening bids are at $108 live and $173 to $175 dressed – a long way from asking prices which are at $115 live and $183-plus dressed.  The widespread could delay any significant trade volume until Thursday or even Friday.  The Fed Cattle Exchange had a decent showing today.  A total of 2,125 head were offered with 1,469 head sold on a 1 to 9-day delivery for a weighted average price of $110.  All of the lots sold were from Nebraska.  This is a vast improvement from previous weeks’ auctions where there were a light offering and zero head sold.

At the Loup City Livestock Market in Nebraska, receipts totaled 1,464 head.  The USDA says demand was moderate to good.  Feeder supply included 87 percent steers and 94 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 806 to 847 pounds brought $135.50 to $140.50 and steers 925-pounds brought $131.35.  Medium and Large 1 feeder heifers 651 pounds brought $128 and feeder heifers 801 pounds brought $126.

Boxed beef cutout values opened lower on light to moderate box movement.  Choice down $.30 at $219.40 and Select is $1.39 lower at $200.91.  The Choice/Select spread is at $18.49.

Cash hogs opened sharply lower.  Processing margins have narrowed as the cost of live inventories has increased at a faster rate than pork values.  Buyers are trying to move more numbers at a lower cost all week.  The market is nervous – there is a large hog supply.  The negative trade talks continue and any disruption to trade would be costly to producers.

Barrows and gilts at the Iowa/Southern Minnesota opened $1.15 lower with a range of $76 to $83.50 with a weighted average of $82.20; the Western Corn Belt opened $1.230 lower with a range of $76 to $83.50 for a weighted average of $82.05; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.67 lower with a range of $76 to $83.50 for a weighted average of $82.46.

Butcher hogs at the Midwest cash markets are steady to $3 higher at $56 to $58. At the Interior Missouri Direct, receipts are down on the week and the year.  Barrows and gilts are steady to $3 higher at $68 to $69 with light to moderate supply and demand.  Sows are steady at $34 to $44.  At Illinois, slaughter sow receipts are up on the week and the year.  Prices are $2 higher at $36 to $53 on moderate demand for moderate to heavy offerings.  Barrows and gilts are steady at $51 to $59 with moderate demand for moderate offerings.

Pork cutout values are firm at midday – up $.16 at $84.87.  The primals are mostly higher – led by the ribs, hams, and bellies.  Picnics and loins were the two cutouts lower at midday.

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