Market News

Midday cash livestock markets

Packer inquiry has improved through midday and that’s expected to continue throughout the day.  But so far, direct cash cattle trade is fairly quiet.  Bids are reported at $105 live and $165 to $170 dressed.  Asking prices are $110 live with dressed prices not well defined.  The wide spread could delay significant trading volume until the last part of the week.  The Fed Cattle Exchange Auction today had 306 head listed, with 306 head sold for 1 to 9-day delivery for a weighted average of $106.

At the Kingsville Livestock Auction in Missouri, receipts were up on the week and the year.  Compared to last week, steers and heifers sold steady to $6 lower.  Drought conditions and limited forage supplies in several areas has pushed some cattle to the feed yard sooner than normal.  The USDA says demand was moderate to good for a moderate supply.  Feeder supply included 55 percent steers and 47 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $166 to $179 and feeder steers 700 to 750 pounds brought $145.75 to $150.50.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $138.25 to $153 and feeder heifers 700 to 800 pounds brought $140 to $140.25.

Boxed beef cutout values are weak to sharply lower at the midday on light to moderate box movement.  Choice down $1.48 at $215.35 and Select down $.33 at $201.24.

Cash hogs opened steady to lower.  Processing margins have improved some, but, they still aren’t pretty and buyers are working hard to move more numbers at lower costs.  The market remains nervous with the large hog supply and continued negative trade rhetoric.  Any disruption to demand would be costly to US pork producers.  Barrows and gilts at the Iowa/Southern Minnesota opened $.05 lower with a range of $75 to $78 with a weighted average of $77.54; the Western Corn Belt opened unchanged with a range of $70 to $78 for a weighted average of $77.44; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.92 lower with a range of $70 to $78 for a weighted average of $79.32.

Butcher hogs at the Midwest cash markets are steady to $2 lower at $53 to $58. At the Interior Missouri Direct, receipts are up on the week and down on the year.  Barrows and gilts are steady at $69 to $70 with light to moderate supply and demand.  Sows are steady at $34 to $44.  At Illinois, slaughter sow receipts are even on the week and up on the year.  Sow prices are steady at $34 to $48 with moderate demand for moderate to heavy offerings.  Barrows and gilt prices are $1 lower at $46 to $55 with moderate demand for moderate offerings.

Pork cutout values are steady at the midday – down $.03 at $87.38.  The primals are mixed to mostly higher with the largest losses in the picnic.

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