Market News

Midday cash livestock markets

Direct cash cattle trade has started the day fairly quiet and looks to be running out of time.  There are just a handful of bids on the table at $112 and $114 live and $180 dressed.  There is still significant distance from asking prices of $118+ live and $185+ dressed.  The wide spread will likely push any significant trade volume until the end of the day today.

At the Ogallala Livestock Auction in Nebraska, receipts were down on the week and the year.  Compared to last week, steer calves under 500 pounds were $3 to $6 lower, steers 500 to 550 pounds were unevenly steady, steers over 600 pounds were $2 lower.  Heifer calves under 500 pounds were steady to $5 higher and heifer calve over 500 pounds were $2 to $7 higher.  The USDA says demand was high for preconditioned calves and the bidding was active.  Feeder supply included 67 percent steers and just 16 percent of the offering was over 600 pounds.  Medium and large 1 feeder steers 461 to 493 pounds brought $184 to $195 and feeder steers 501 to 547 pounds brought $180 to $188.  Medium and Large 1 feeder heifers 456 to 499 pounds brought $157 to $169 and feeder heifers 509 to 548 pounds brought $145 to $157.

Boxed beef cutout values are mixed with light demand for light offerings.  Choice is $.23 higher at $218.78 and Select is $.59 lower at $203.66.  The Choice/Select spread is $15.12.

Cash hogs opened mixed with very light negotiated purchase totals.  There’s still worry about trade concerns with some of the US’ largest trading partners.  Some optimism seemed to jump back into the hog sector yesterday after a tweet from the President that progress was being made with China.  And there is the preliminary agreement to the new trade deal between the US, Mexico, and Canada.  But, there’s still a long way to go before those trade rifts are repaired.

That said, prices at the major regional direct markets were not reported at midday due to confidentiality.

Butcher hogs at the Midwest cash markets are $1 lower in Dorchester, Wisconsin and Garnavillo, Iowa at $42.  The market in Zumbrota, Minnesota is closed today.  At Illinois, slaughter sow receipts are down on the week and up on the year.  Prices are steady at $30 to $45.  Barrows and gilts are $1 higher at $35 to $42 with moderate demand for moderate offerings.

Pork cutout values opened sharply lower – down $1.43 at $73.96.  The bellies and ribs opened more than $5 lower.  Hams and picnics are lower to sharply lower.  Loins are steady, and butts are higher.