Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet.  There are a few scattered bids on the table at $123 live and $198 dressed.  Asking prices are at $128 live and $205 dressed.  Today’s Fed Cattle Exchange had 785 head listed, 0 head sold and 399 head were listed as Passed Offer at $125.  The next event is February 27.  Significant trade volume will likely be delayed until sometime later in the day Thursday or into Friday. 

Boxed beef is steady to lower with light demand for moderate to heavy offerings.  Choice is $.03 lower at $217.24 and Select is $1.53 lower at $212.01.  The Choice/Select spread is $5.23. 

At the Russell Feeder Cattle Auction in Iowa, receipts are up on the week and the year.  Compared to the most recent sale feeder steers under 800 pounds were mostly $2 higher, feeder steers over 800 pounds were mostly $2 lower and feeder heifers under 700 pounds were mostly $2 higher while feeder heifers over 700 pounds were mostly $1 to $2 lower.  The USDA says trade was active and demand was good.  Receipts included 60 percent of the feeders were steers and 62 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 599 pounds brought $165 to $181.50 and feeder steers 702 to 743 pounds brought $146 to $162.75.  Medium and Large 1 feeder heifers 561 to 598 pounds brought $147.50 to $158 and feeder steers 653 to 695 pounds brought $141 to $144.60. 

Cash hogs opened weak with moderate negotiated purchase totals.  Buyers and sellers continue to monitor progress on trade talks – especially those with China.  And the market is watching the African Swine Fever situation as it continues to spread.  Hoping that it will eventually provide some additional demand for US pork.  And the supply of ready barrows and gilts is ample.  Because packers have plenty of hogs available it will likely limit any price movement as we see processing runs gain momentum again this week.  Barrows and gilts at the Iowa/Southern Minnesota opened $.49 lower with a range of $44.50 to $48.25 for a weighted average of $47.65; the Western Corn Belt opened $.49 lower with a range of $44.50 to $48.25 for a weighted average of $47.65; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.17 lower with a range of $44.50 to $48.52 for a weighted average of $48.01. 

Butcher hogs at the Midwest cash markets are steady to $1 lower at $32.  At Illinois, slaughter sow prices were $1 to $5 higher at $24 to $43 with moderate demand for moderate offerings.  Receipts are down on the week and up on the year.  Barrows and gilts are mostly steady to $1 lower at $25 to $34 with moderate demand for moderate offerings. 

Pork values opened higher – up $1.15 at $61.06.  Bellies and hams are sharply higher.  Picnics and loins are firm.  Butts were steady.  Ribs opened sharply lower.