Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. After the break for July 4th, asking prices are $113 to $115 on the live basis and $176 to $178 dressed, with bids of $108 to $110 live and $170 dressed. There hasn’t been much business done this week and buyers are short bought, but widespread activity could still end up waiting until Friday, depending on futures and wholesale trade. The Fed Cattle Exchange is closed, with sales set to resume next Wednesday, July 11th.

Boxed beef at midday was lower, with very light movement. Choice was down $1.20 at $209.06 and Select was $.10 lower at $199.61.

At the feeder cattle auction in Tulsa, Oklahoma Tuesday, compared to the previous week, steers were $3 to $5 higher and heifers were $4 to $6 higher. The USDA says demand was good for an average quality offering, mostly steers weighing less than 600 pounds. Medium and Large 1 to 2 feeder steers weighing 400 to 500 pounds were reported at $155 to $178 and 500 to 600-pound steers brought $145 to $157. Medium and Large 1 feeder heifers weighing 400 to 500 pounds were reported at $143 to $155 and 500 to 600-pound heifers sold at $136 to $153.

Cash hogs are steady in a quiet early test, with light opening negotiated numbers for the major direct markets. Coming back from the midweek break, buyers will try to reassert their leverage, with Saturday’s kill projected at around 150,000 head, a little low for a holiday week, but probably constrained by packer margins. Both sides will continue to monitor pork demand, the impact of weather on hog weights, and the availability of market ready numbers, with the seasonal low for chain speed expected to be in the near future.

Pork at midday was up $.78 at $86.58. Loins, bellies, and hams were higher, with a $3.16 gain in hams, while butts, picnics, and ribs were lower, including a $3.27 loss for ribs.

Butcher hogs in Zumbrota, Minnesota are steady at $52. Dorchester, Wisconsin and Garnavillo, Iowa are closed. The opening at the major direct hog markets was not reported due to confidentiality.

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