Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet so far today.  Bids remain elusive.  Asking prices are around $126 to $127 live in the South and $202 to $205 plus in the North.  Packer inquiry is likely to improve as the day progresses, but significant trade volume will likely be delayed until sometime Thursday or Friday.  Today’s Fed Cattle Exchange had an offering of 744 head with 435 head sold for a weighted average price of $124.22.  All were marked for 1 to 9-day delivery. 

Boxed beef is steady to firm at midday on good demand for moderate to heavy offerings.  Choice is $.25 higher at $213.01 and Select is $.82 higher at $211.12. 

At the Philip Livestock Auction in South Dakota, demand was good for several long strings and many packages and part loads of feeder steers and feeder heifers.  Quality was attractive with a favorable weigh-up sold on a strong, very active market.  Calves with heavier flesh, tag, and fill sold on a more moderate market.  But overall the market was active for the first offering of feeder cattle in the new year.  Receipts of 3,283 were down on the year.  Feeder supply included 56 percent steers and 60 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 641 pounds brought $161 to $174 and feeder steers 653 to 692 pounds brought $154.25 to $162.25.  Medium and Large 1 feeder heifers 555 to 594 pounds brought $142.50 to $162 and feeder heifers 618 to 698 pounds brought $143 to $149.75. 

Cash hogs opened steady to weak with strong negotiated purchases.  The market is optimistic demand for US pork will see a significant increase on the global market as the global protein picture is tightening.  Some details of the phase one trade deal have been released following the signing. While the pork industry should benefit from the deal, the National Pork Producers Council says China also needs to also eliminate all tariffs on US pork for at least five-years.  With US pork production projected to grow again in 2020, increasing demand will be key to price support.  Barrows and gilts at the National Daily Direct opened $.22 lower with a base range of $46 to $52 for a weighted average of $51.19; the Iowa/Southern Minnesota opened $.40 lower for a weighted average of $51.11; the Western Corn Belt opened $.40 lower for a weighted average of $51.11.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36. 

Pork values opened higher – up $.94 at $75.23.  Bellies, butts, and picnics are all higher.  Hams are firm.  Ribs are steady.  Loins opened lower.