Market News

Midday cash livestock markets

Direct cash cattle business is generally at a standstill. A few sales are reported at $175 on the dressed basis in Iowa and Nebraska, but not enough to establish a real test. Asking prices are $115 to $116 on the live basis and $184 to $185 dressed with bids of $108 live and $175 dressed. Buyers and sellers will be monitoring futures and wholesale business. This week’s offering at the Fed Cattle Exchange was 365 head, all out of Kansas, none sold.

Boxed beef at midday was mixed with light to moderate movement. Choice was up $.66 at $207.98 and select was down $1.08 at $197.31.

At the Kingdom City-Callaway Livestock Center feeder cattle auction in Missouri Tuesday, compared to the last sale two weeks ago, a lighter test of steer and heifer calves weighing less than 500 pounds were steady with a firm undertone, while the best test was on 600 to 750-pound steers and 500 to 700-pound heifers, mostly $3 to $7 higher, with instances of $10 higher. Yearling steers weighing more than 800 pounds had a higher undertone. The USDA says demand was good for a moderate supply. Medium and Large 1 feeder steers weighing 600 to 700 pounds ranged from $158 to $167 and steers averaging 907 pounds sold at $142.50 to $145. Medium and Large 1 feeder heifers averaging 617 pounds were reported at $145 to $150.50 and Medium and Large 1 to 2 heifers averaging 679 pounds brought $137 to $139.85.

Cash hogs are mixed, mostly steady to lower, with moderate to good opening negotiated numbers for the major direct markets. After yesterday’s solid negotiated movement, buyers are continuing their efforts to move the needed supplies at lower prices, while watching margins and wholesale business. Margins have improved slightly, but remain in the red. The losses in the cutout value have picked up steam following Independence Day, with a lot of available pork and a lot of concerns about tariffs impacting export demand. The average Iowa/Southern Minnesota weight last week was 278.4 pounds, up 0.7 on the week and 0.4 on the year.

Pork at midday was down $.09 at $84.01. Butts dropped $4.23 and picnics were $4.41 lower. Loins, ribs, and hams were higher, while bellies gained $3.01.

Iowa/Southern Minnesota direct barrows and gilts opened $1.73 lower at $74 to $76 with a weighted average of $74.54, the Western Cornbelt is down $1.17 at $68 to $76.25 for an average of $75.02, and national direct business is $.69 lower at $68 to $76.25 with an average of $75.49. Butcher hogs at the Midwest cash markets are steady to $2 higher at $51 to $60. Illinois direct sows are $2 lower at $30 to $40 on moderate demand for heavy offerings. Barrows and gilts are steady at $45 to $54 on moderate demand and offerings. Boars range from $8 to $32.