Market News

Midday cash livestock markets

Light direct cash cattle trade has been reported in parts of Texas at $110.  Other bids have been reported at $108 to $110 and dressed at $172 to $175 – some business is $2 lower than last week’s weighted average in that state.  Asking prices are around $115 live and $180 to $183-dressed.  The wide spread could further delay business until the last minute.

At the Valentine Livestock Auction in Nebraska, receipts were down on the year.  This was the first reported sale in several weeks, so no market trend was available, but there was a higher undertone noted.  There was a strong interest on yearlings and fall calves coming off of summer grass.  Quality was very good throughout the sale.  Feeder supply included 62 percent steers and 83 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers, 706 to 726 pounds brought $162 to $177.25 and steers 900 to 925 pounds brought $139.50 to $149.  Medium and Large 1 feeder heifers 602 to 641 pounds brought $153 to $167 and feeder heifers 650 to 688 pounds brought $152 to $157.50.

Boxed beef cutout values were mixed on light box movement.  Choice down $.30 at $217.11 and Select is $2.32 higher at $203.93.  The Choice/Select spread is at $13.18.

Cash hogs opened sharply lower.  Processing margins have narrowed, and buyers have been successful in lowering costs to move numbers this week.  Chain speed has slowed and Saturday’s estimated kill at just 2,000 head.  And finally – the market is nervous – with the large hog supply and the ongoing negative trade rhetoric.  Any disruption to trade would be costly to producers.  Barrows and gilts at the Iowa/Southern Minnesota opened $2.95 lower with a range of $74 to $81 with a weighted average of $78.68; the Western Corn Belt opened $1.48 lower with a range of $73 to $81.49 for a weighted average of $79.82; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.63 lower with a range of $73 to $81.49 for a weighted average of $80.95.

Butcher hogs at the Midwest cash markets are $1 higher at $59.  At the Interior Missouri Direct, barrows and gilts are steady at $68 to $69 with light to moderate supply and demand.  Sows are steady at $34 to $44.  For the week, barrows and gilts are $3 to $5 higher and sows are $2 to $7 higher.  At Illinois, slaughter sow prices were steady at $35 to $53 with moderate demand for moderate offerings.  Barrows and gilts were steady at $49 to $60 with moderate demand for moderate offerings.

Pork cutout values opened weak – down $.19 at $84.85.  The primals are mixed with declines in the loins, the picnic, and hams.

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