Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Except for some light trade in the north, mainly at $193 on the dressed basis, the major feeding areas have been quiet this week. Asking prices are $124+ live and $196 to $198 dressed, with bids of $120 live and $192 to $193 dressed. Given the lack of volume so far, light to moderate business is expected to develop at any time. Still, some of those cattle could also be pulled over to next week, which might have better packer demand as the industry prepares for a somewhat slower pace to start the week of Presidents Day.

Boxed beef at midday was lower with moderate movement. Choice was down $.32 at $210.61 and Select was $1.11 lower at $204.85.

At the Valentine Livestock Auction feeder cattle sale in Nebraska, compared to the previous week, 550 to 650-pound steers were $4.50 to $13.50 higher, while 500 to 550-pound heifers were $5 to $17 higher, but 600-pound heifers were $1.50 lower. The USDA says demand was good with several buyers in attendance and active interest from the internet. 76% of the weekly run were heifers and 70% of the offering weighed less than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds were reported at $171.50 to $187 and 600 to 700-pound steers sold at $164 to $174. Medium and large 1 feeder heifers weighing 400 to 500 pounds brought $180 to $194.50 and 500 to 600-pound heifers ranged from $153 to $170.50.

Cash hogs are mixed with a light to moderate opening negotiated run for the major direct markets. Market ready numbers are substantial and most buyers have leverage over business, but there’s a lot of pork available. China will lower its’ tariff on U.S. pork and Tyson reported strong first quarter sales to China. However, the tariff is only moving from 60% to 55% and the 600% year to year increase reported by Tyson is only because of how little pork China bought a year ago. Greece has confirmed a case of African swine fever.

Pork at midday was down $.06 at $65.29. Loins, picnics, and ribs were modestly to sharply lower. Butts, hams, and bellies were firm to sharply higher.

National direct barrows and gilts opened $1.00 higher at $44 to $51.52 with an average of $51.19, but the Western Corn Belt is $1.87 lower at $47.33. Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are steady at $40. Illinois direct sows are steady at $13 to $22 on moderate to good demand for heavy offerings. Barrows and gilts are $1 lower at $28 to $36 with moderate demand and offerings. Boars range from $5 to $20.