Market News

Midday cash livestock markets

Direct cash cattle trade is typically quiet for a Monday.  Bids and asking prices have yet to be established.  It’s likely significant trade volume will be delayed until at least Midweek.  Last week, business started on Wednesday and finished up on Friday with some clean-up trade.  Southern live business ranged from $119 to $124, mostly at $124, which was fully steady with the prior week.  Dressed deals in the North ranged from $197 to $199.50, mostly at $199, generally steady with the previous week’s weighted averages. 

Boxed beef is mixed at midday on moderate demand for moderate offerings.  Choice is down $.45 at $214.04 and Select is $.84 higher at $211.54. 

At the Oklahoma National Stockyards, compared to last week all classes of feeder cattle are selling with a lower undertone on limited early comparable offerings.  Steer and heifer calves are mostly steady.  The USDA says demand is light to moderate for feeder cattle and moderate to good for grazing cattle.  Receipts of 13,000 head are up on the week and the year.  Feeder supply includes 53 percent steers and 39 percent of the offering is over 600 pounds.  Medium and Large 1 feeder steers 410 to 448 pounds brought $177 to $199 and feeder steers 755 to 782 pounds brought $132.75 to $137.  Medium and Large 1 feeder heifers 552 to 584 pounds brought $137.50 to $160 and feeder heifers 651 to 665 brought $123.50 to $130.50. 

Cash hogs opened weak to sharply lower with light negotiated purchases.  The supply of ready barrows and gilts is more than ample adding more pork to an already saturated market.  Demand concerns linger as China hasn’t been buying as much pork as the industry had anticipated.  China’s coronavirus outbreak is creating some short-term demand concern, which would add even more pressure to prices.  More cases of African swine fever have been noted in Poland and the industry is watching to see if it spreads into Germany.  Currently, Germany is one of the largest exporters of pork into China.  Barrows and gilts opened $.79 lower at the National Daily Direct with a base range of $48 to $53 for a weighted average of $51.91; the Western Corn Belt opened $3.84 lower for a weighted average of $49.58.  The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices in Dorchester, Wisconsin are steady at $36 and $5 lower at $30 in Garnavillo, Iowa.  At Illinois, slaughter sow prices were $1 to $2 higher with moderate to good demand for heavy offerings at $13 to $22.  Barrow and gilt prices were $1 to $2 higher with moderate to good demand for moderate offerings at $30 to $37. 

Pork values opened higher – up $1.11 at $78.49.  Bellies, ribs, and loins are all higher.  Butts and hams are firm.  Picnics are lower.