Market News

Midday cash livestock markets

Direct cash cattle trade activity has improved today.  There are a few more bids on the table at $97 to $98 live in the South and $100 live in the North.  Dressed bids are $157 in the North.  Asking prices are around $100 in the South and $165 to $168 dressed in the North.  We could see some business develop yet today – but it’s more than likely it will hold off until Friday.  Today’s Fed Cattle Exchange had an offering of 636 head, with some lots up for sale in Kansas, Nebraska, and Texas.  There were passed offers on two lots at $99.  The rest went unsold.  The next event is September 18, 2019. 

Boxed beef opened sharply lower with light demand for heavy offerings.  Choice is $3.43 lower at $221.95 and Select is $1.78 lower at $199.20.  The Choice/Select spread is $22.75. 

At the Philip Livestock Auction in South Dakota, receipts are up from two weeks ago and down on the year.  Compared to the most recent sale, feeder steers 800 to 1000 pounds were $5 to $6 lower.  Feeder heifers 750 to 900 pounds were $5 to $6 lower, heifers 900 to 1000 pounds were $6 to $7 lower.  The USDA says demand was good for several load lots and many part-loads and packages of feeder steers, feeder heifers, and open heifers.  All sold on a moderate to active market.  Feeder supply included 16 percent steers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 823 to 838 pounds brought $135.50 to $136 and feeder steers 852 to 864 pounds brought $134.50 to $135.50.  Medium and Large 1 feeder heifers 852 to 886 pounds brought $122.50 to $126.25 and feeder heifers 903 to 946 pounds brought $120.25 to $124.25. 

Cash hogs opened lower with strong negotiated purchase numbers.  The uncertainty surrounding the supply and demand situation remains the driver behind the market.  Hope remains that demand for US pork will increase significantly on the global market, but that has yet to be realized.  At the same time, the supply of ready barrows and gilts remains ample AND slaughter runs continue well above year-ago totals.  That adds more pork for the market to digest.  And with the news that China will keep its current tariffs on pork, soybeans, and other products – pressure on prices will continue.  Hog weights this week jumped 3.2 pounds on the week to 281.5 pounds.  That’s also up 2.4 pounds on the year.  Barrows and gilts at the Iowa/Southern Minnesota opened $.98 lower for a weighted average of $47.73; the Western Corn Belt is $1.03 lower for a weighted average of $47.70; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.46 lower with a base range of $44 to $49 for a weighted average of $47.31. 

At Illinois, slaughter sow prices were weak at $25 to $29 with light to moderate demand for heavy offerings.  Barrow and gilt prices were $1 to $3 lower at $26 to $35. 

Pork values are firm at midday – up $.72 at $72.71.  Picnics and ribs are sharply higher.  Bellies are firm.  Hams are steady.  Loins and butts were weak to lower. 

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