Midday cash markets

There was a light to moderate direct cash cattle trade that took place on Wednesday.  Business got underway earlier than normal, especially with Cattle on Feed numbers coming out on Friday.  Live deals in the South were at mostly $164, $2 lower than last week’s weighted averages.  Northern dressed business was marked at mostly $264, also about $1 lower than the prior week’s weighted average basis in Nebraska.  It’s possible the bulk of the week’s business is done for the week, but some additional trade could take place before the end of the day Friday. 

Boxed beef is higher with Choice $1.01 higher at $285.28.  Select is $.10 higher at $272.73.  The Choice/Select Spread is $12.55.

At the, Hub City Livestock Auction in Aberdeen, South Dakota, compared to last week, steers 500 to 750 pounds were $3 to $7 higher, 751 to 950 pounds $3 to $6 lower.  Heifers 550 to 600 pounds and 651 to 700 pounds steady to $4 higher, 601 to 650 and 700 to 850 pounds steady except 750 to 800 pounds not well compared.  The USDA says demand was good with another large offering of feeder cattle with many loads, multiple loads and packages offer.  More flesh overall than last week and quality varied.  Receipts were up on the week and year.  69 percent of the supply were steers with 88 percent of the offering was over 600 pounds.

Medium and Large 1 feeder steers 654 to 698 pounds brought $209 to $299.50 with an average price of $216.32 and feeder steers 852 to 891 pounds brought $177.50 to $191.25 with an average price of $182.86. Medium and Large 1 feeder heifers 613 to 642 pounds brought $185 to $206 with an average price of $193.12 and feeder heifers 811 to 849 pounds brought $160.50 to $177.75 with an average price of $172.23.

Cash hogs opened lower.

The cash hog market continues its inconsistent pattern.  That isn’t likely to change anytime soon.  Processors have moved large runs this week and could be at a point where they have their needed numbers so prices and negotiated purchases could fall back some.  There’s some broader market pressure.  While demand has held relatively strong, concerns about a slowing global economy could carry over to the cash hog market, weaken demand, and ultimately push prices lower. 

Barrows and gilts at the National Daily Direct are $.31 lower with a base range of $72 to $80 with an average price of $78.46; the Iowa/Minnesota is $.24 lower with a weighted average price of $79.35; Western Corn Belt is $.22 lower with a weighted average price of $79.35; the Eastern Corn Belt did not report due to confidentiality reasons.

Butcher hogs are $2 lower at $46.  Boards are $14.

Pork values are lower.  Ribs and bellies are lower with hams sharply lower.  Loins and butts are higher.

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