Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. The day’s big features will be the full assessment of last week’s trade and the distribution of this week’s showlist. Last week’s business was mainly at $106 live in the south, up $1 from the previous week, and mostly $175 dressed in the north, $4.50 higher. Friday’s USDA Cattle on Feed numbers look neutral to a little bullish because of the lower than expected placements number. The trade agreement with Japan should be a positive for export demand.

Boxed beef at midday was higher with moderate movement. Choice gained $1.58 at $239.10 and Select was up $.07 at $212.78.

In Nebraska, compared to the previous week, steer calves weighing less than 600 pounds were sharply lower in a thin test. Steers weighing more than 600 pounds were $4 lower, 700 to 800 pounders were $1 to $3 higher, and 900-pound steers were $3 lower. Most of the heifers were down $3 on the week. The USDA says demand was moderate to good for most classes, but receipts were about half of the previous week’s total. Medium and Large 1 feeder steers weighing 700 to 800 pounds sold at $140.50 to $160 and 900 to 1,000-pound steers brought $126.75 to $146. Medium and Large 1 feeder heifers weighing 600 to 700 pounds ranged from $135 to $146 and 800 to 900-pound heifers were reported at $126 to $141.25.

Cash hogs are mostly higher with a moderate opening negotiated run for the major direct markets. Buyers want to follow through on last week’s large negotiated runs at mostly lower prices. The trade agreement with Japan is expected to also be a big positive for pork demand and while tensions with China are showing signs of easing, there’s no public timeline for talks. African Swine Fever continues to hammer China’s domestic pork production, but they’ve been able to generally fill needs through other nations.

Pork at midday was up $.98 at $80.63. Ribs gained $9.44 and butts were up $2.45, with loins firm and hams higher. Bellies were weak and picnics were down modestly.

National direct barrows and gilts opened $.28 lower at $55 to $69.50 with a weighted average of $64.19, but Iowa/Southern Minnesota was $2.14 higher at $65.51 and the Western Corn Belt was up $1.92 at $65.30. Butcher hog markets in Garnavillo, Iowa and Dorchester, Wisconsin are closed this week. Illinois direct sows are $3 to $4 lower at $24 to $35 on light demand for moderate to heavy offerings. Barrows and gilts are $1 to $2 lower at $38 to $45 on light to moderate demand and moderate offerings.