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Midday cash livestock markets

Direct cash cattle markets are quiet. Aside from some very light dressed business earlier in the week, most of the major feeding areas have been at a standstill. Asking prices are around $114 to $115 on the live basis and $182+ dressed, with bids of $108 live and $170 to $175 dressed. The USDA Thursday increased its 2018 beef production estimate, expecting a higher rate of cow slaughter, but lowered the 2019 outlook, expecting a slower kill rate.

Boxed beef at midday was lower, with very light movement. Choice was down $1.86 at $204.72 and Select was $.41 lower at $196.60.

At the Mitchell Livestock Auction feeder cattle sale in South Dakota Thursday, there was no comparison, with much heavier receipts than the last sale two weeks ago, but a higher undertone was noted. The USDA says demand was good to very good and the overall quality was very attractive, with mostly moderate flesh. 61% of the feeder offering were steers and 97% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 900 to 1,000 pounds were reported at $135.25 to $146.75 and Large 1 steers weighing 1,000 to 1,100 pounds sold at $118.25 to $135.40. Medium and Large 1 feeder heifers weighing 700 to 800 pounds brought $134 to $147.50 and 800 to 900-pound heifers ranged from $122.25 to $144.10.

Cash hogs are lower, with very light to moderate opening negotiated numbers for the major direct markets. Buyers are continuing their efforts to move the needed numbers at mostly lower prices, trying to improve their margins. Saturday’s kill is expected to be around 38,000 head, putting the weekly total at around 2.25 million, up about 3.5% on the year. The USDA raised its 2018 pork production projection, expecting the fast slaughter pace to continue through the end of the year.

Pork at midday was up $1.13 at $84.64. Hams jumped $6.08 higher and bellies gained $1.39, while loins, butts, picnics, and ribs were weak to sharply lower.

Iowa/Southern Minnesota direct barrows and gilts opened $.81 lower at $67 to $73.50 with a weighted average of $72.72, the Western Cornbelt is down $.49 at $67 to $73.50 for an average of $72.72, and national direct business is $.71 lower at $67 to $74.66 with an average of $74.34. Butcher hogs at the Midwest cash markets are $1 lower at $52 to $57. Illinois direct sows are $1 lower at $27 to $38 on light to moderate demand for moderate offerings. Barrows and gilts are weak at $44 to $54 on moderate demand and offerings. Boars range from $8 to $32.

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