Market News

Midday cash livestock markets

Direct cash cattle trade remains quiet at midday.  Bids have yet to surface, but asking prices are holding at $130 to $132 live and $210-plus in the North.  Today’s Fed Cattle Exchange was another non-starter.  It had an offering of 596 head with zero head sold.   Significant trade volume could be delayed until the last part of the week. 

Boxed beef is lower at midday on light demand for moderate offerings.  Choice $.71 lower at $228.62 and Select is $.96 lower at $218.50.  The Choice/Select spread is $10.12. 

At the Kingsville Livestock Auction in Missouri, receipts are up on the week and the year.   Compared to the last sale, steers and heifers traded steady to $4 lower except for 450 to 550-pound steers selling with a higher undertone.  Demand was mostly moderate to good and very good for 450 to 550-pound steers.  Heavier weight steers over 850 pounds saw the lightest demand with fewer outlets for those cattle as many feedlots are facing extreme weather conditions.  Supply was moderate.  Feeder supply was 51 percent steers and 59 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 640 pounds brought $163 to $167.50 and feeder steers 653 to 690 pounds brought $156.75 to $162.  Medium and Large 1 feeder heifers 600 to 636 pounds brought $138.25 to $145 and feeder heifers 657 to 679 pounds brought $141.50 to $145. 

Cash hogs opened higher with moderate negotiated purchase totals. The spread of African Swine Fever hasn’t slowed throughout Asia and that has China looking elsewhere for pork on the global market.  That includes the US.  Which is good considering supplies of ready barrows and gilts are ample and hog weights are up to 285.6 pounds, that’s up nearly a pound on the week and six-tenths of a pound above a year ago.  Pork prices continue to surge higher especially as trade talks with China have reportedly seen some progress. Barrows and gilts at the Iowa/Southern Minnesota opened $1.84 higher with a range of $54 to $63 for a weighted average of $60.59; the Western Corn Belt opened $1.93 higher with a range of $54 to $63 for a weighted average of $60.54; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.71 higher with a range of $54 to $63 for a weighted average of $59.30. 

Butcher hogs at the Midwest cash markets are steady to higher at $38 to $40. 

Pork values are firm at midday – up $.31 at $74.45.  Bellies, ribs, hams, and picnics are higher to sharply higher.  Butts are weak.  Loins are sharply lower.