Market News

Midday cash livestock markets

Direct cash cattle trade has started to improve.  Asking prices are at $126 live and $200 dressed.  Some early bids have started to surface at $122 live in Kansas and $196 dressed in Nebraska.  The distance between bids and asking prices could delay any significant trade volume until late in the week.  It was a less than stellar showing at the Fed Cattle Exchange today.  There were 4003 head offered for 1 to 9-Day Delivery, just 63 sold for a weighted average of $123.  There were 136 head offered for 1 to 17-Day Delivery and zero head sold.  The next event is Wednesday, January 30, 2019.  

Boxed beef is steady to firm at midday on light to moderate demand for moderate offerings.  Choice is $.40 higher at $216.74 and Select is $.16 lower at $211.56. 

At the Philip Livestock Auction in South Dakota, receipts are up from the most recent sale and down on the year.  Compared to two weeks ago feeder steers under 550 pounds were $10 lower, feeder steers 600 to 650 pounds were steady, and steers 650 to 700 pounds were $4 lower, steers 700 to 850 pounds were $4 to $6 lower.  Feeder heifers under 500 pounds were $6 lower and feeder heifers 700 to 800 pounds were $5 lower.  The USDA says demand was very good for several long, long strings and many load lots and packages of feeder steers and feeder heifers.  All sold on a moderate to active market.  Feeder supply included 55 percent steers and 93 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 654 to 691 pounds brought $148 to $157 and feeder steers 703 to 737 pounds brought $141.50 to $150.  Medium and Large 1 feeder heifers 609 to 625 pounds brought $143 to $152.75 and feeder heifers 657 to 687 pounds brought $134 to $145. 

Cash hogs opened weak with light to moderate negotiated purchase totals.  The supply of ready barrows and gilts is ample.  But the demand picture remains unclear.  The uncertainty adds pressure to prices.  The trade continues to monitor the African Swine Fever situation in China, outside markets, and the impact of the latest round of winter weather.    Look for slaughter runs to push the upper end of 470,000 head today.  Barrows and gilts at the Iowa/Southern Minnesota opened $.41 lower with a range of $49.25 to $53 for a weighted average of $51.88; the Western Corn Belt opened $.31 lower with a range of $48 to $53 for a weighted average of $51.81; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.03 lower with a range of $48 to $53 for a weighted average of $52.06. 

Butcher hog prices at the Midwest cash markets are steady at $34.  At Illinois, slaughter sow prices are steady at $16 to $30 with light to moderate offerings.  Receipts are down on the week and the year.  Barrow and gilt prices are steady at $30 to $36 with moderate demand for moderate offerings.  Boars under 300 pounds were $10 to $14 and boars over 300 pounds were $6 to $8.

Pork values are steady at midday – down $.08 at $69.55.  Ribs and Bellies are lower.  Picnics and hams are steady to firm.  Butts and loins are higher.