Market News

Midday cash livestock markets

Cash cattle country is off to another slow start on Wednesday. A few asking prices have been noted in the South around $202 to $204. Asking prices still have not been established in the North. Bids remain very hard to find. Significant trade volume will likely be delayed until Thursday or later.

Boxed beef was mixed at midday with Choice down $1.76 at $314.01 and Select up $.64 at $304.35. The Choice/Select spread was $9.66.

At Russell Livestock in Iowa, feeder steers sold steady to $17 lower compared to the most recent sale from two weeks ago. Heifers sold uneven, 550 to 700 pounds were $7 to $16 lower, while others were $13 to $15 higher. USDA says demand was good at the sale despite some inclement weather. The supply was heavy and included several load lots. Feeder supply included 66% steers and 71% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 646 pounds brought $305 to $327. Medium and Large 1 feeder heifers 660 to 692 pounds sold for $261 to $281.

Cash hogs are steady with good opening negotiated numbers at the major direct markets. There’s no reported trend for those major direct markets, but weighted averages are nearly steady to modestly higher than Tuesday’s close as buyers work around the weather to move the needed near-term numbers. Wholesale prices have taken a big hit this week and while exports have been solid, global trade could be impacted by tariffs.

Barrows and gilts at the National Daily Direct had no trend established at midday, but had a base range of $87.50 to $94. The weighted average was $92.22 at the Iowa/Minnesota and Western Corn Belt. The Eastern Corn Belt was not reported due to confidentiality.

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.

Pork values were sharply lower at midday – down $3.10 at $96.37. Bellies were sharply lower, down $14.96 at $145.77. Hams and loins were lower. Ribs, picnics, and butts were fractionally to moderately higher.