Market News

Direct cash cattle trade remains quiet

Chicago Mercantile Exchange live cattle futures were higher and feeders were lower, waiting for the week’s direct business and Friday’s USDA Cattle on Feed report. April live was up $.75 at $194.77 and June was $.52 higher at $190.92. March feeders were down $.70 at $269.02 and April was $.50 lower at $268.60.

Cash cattle country was quiet Wednesday afternoon with just a few asking prices being noted around $202 to $204 in the South, but they are still not established in the North. Bids remain very hard to find. Significant trade volume will likely be delayed until Thursday or Friday.

At the Sioux Falls Regional Cattle Auction in South Dakota, feeder steers and heifers were mostly steady compared to last week. USDA says there was very good demand for a large offering. Feeder receipts were down around 2,000 head on the both the week and year. Feeder supply included 54% steers and 78% of the offering was over 600 pounds. Medium and Large 1 feeder steers 701 to 748 pounds brought $282 to $304. Medium and Large 1 feeder heifers 650 to 695 pounds sold for $273 to $300.50.

Boxed beef was mixed at the close with Choice down $1.88 at $313.89 and Select up $.05 at $303.76. The Choice/Select spread was $10.13.

Estimated cattle slaughter was 117,000 head – down 3,000 on the week and down nearly 3,000 on the year.

Lean hog futures were down sharply on profit taking and this week’s trend in the wholesale pork market. April was $3.45 lower at $89.75 and May was down $3.25 at $93.62.

Cash hogs were mixed with good closing negotiated sales at the major direct markets. The end of day trends depended on how many numbers buyers needed to take care of near-term demand. Wholesale prices have taken a big hit this week and while exports have been solid, global trade could be impacted by tariffs. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota for the week ending February 15th was 289.6 pounds, down 0.4 on the week, but up 1.6 on the year.

Barrows and gilts at the National Daily Direct were up $.19 with a base range of $85 to $94, for a weighted average price of $91.98. The Iowa/Minnesota and Western Corn Belt were both down $.77 for a weighted average price of $91.44. The Eastern Corn Belt had no comparison, but a weighted average price of $92.58.

At the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa, barrows and gilts were steady at $62; sows were steady at $62 to $68; boars were marked at $20. At Illinois, barrows and gilts were $3 higher at $51 to $61; sows were steady at $57 to $69; boars were priced at $15 to $30.

Pork values closed lower – down $3.95 at $95.52. Ribs were higher. Bellies were sharply lower. Hams, picnics, butts, and loins were lower. Estimated hog slaughter was 489,000 head – down a thousand on the week and down more than 3,500 on the year.