Market News

Midday cash livestock markets

Direct cash cattle trade has been fairly quiet to start the week.  There are a few scattered bids on the table at $110 to $112 live and $185 dressed in Nebraska.  Asking prices are at $115-plus live and $185 to $188 dressed.  We could start to see some activity develop this afternoon following this morning’s business at the Fed Cattle Exchange.  It had an offering of 663 head, with 340 head sold for 1 to 9-day delivery for a weighted average price of $113.  Significant trade volume could also be delayed until the latter half of the week. 

Boxed beef is steady to weak at midday on moderate demand for moderate offerings.  Choice is $.01 higher at $222.50 and Select is $.82 lower at $207.43.  The Choice/Select spread is $14.97.  

At the Ozarks Regional Stockyards in Missouri, receipts are up on the week and down on the year.  Compared to the most recent sale, steer calves were uneven from $2 lower to $4 higher and yearling steers were $4 to $8 higher.  Heifer calves were $1 to $3 higher and yearling heifers were not well tested.  The USDA says demand was good on a moderate supply which included several pot load drafts of yearling steers.  Feeder supply included 61 percent steers and 49 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 646 pounds brought $145 to $159 and feeder steers 853 to 857 pounds brought $134 to $140.50.  Medium and Large 1 feeder heifers 458 to 495 pounds brought $140 to $150 and feeder heifers 500 to 548 pounds brought $135 to $150. 

Cash hogs opened steady to weak with moderate negotiated purchase totals.  Demand remains the key for the cash hog markets.  Both domestic and global.  Domestic demand has been fairly strong and that’s helping to keep prices supported.  The progress with Mexico last week to curtail trade and tariff issues is also supportive and could help to push pork prices – especially hams even higher.  However, China remains the wildcard.  Trade talks are still rocky there – but the market remains optimistic demand will improve as African Swine Fever continues to spread. 

Barrows and gilts at the Iowa/Southern Minnesota opened $.26 lower with a range of $67 to $77 for a weighted average of $75.18; the Western Corn Belt is $.62 lower with a range of $67 to $77 for a weighted average of $74.64; the Eastern Corn Belt had no comparison but in a range of $74 to $75.10 for a weighted average of $74.81; and the National Daily Direct opened $.46 lower with a range of $67 to $77 for a weighted average of $74.74. 

Butcher hog prices at the Midwest cash markets are steady at $55 and $50.

At Illinois, slaughter sow prices were steady at $26 to $40 with light to moderate demand for heavy offerings.  Barrow and gilt prices were steady at $47 to $51 with moderate demand for moderate offerings. 

Pork values opened lower – down $1.02 at $82.74.  Ribs dropped $9.55 at midday.  Butts, loins, and hams were all lower to sharply lower.  Picnics and bellies were firm to higher.