Market News

Midday cash livestock markets

Direct cash cattle trade is off to its typically quiet start to the week with bids and asking prices slow to develop. The focus of today’s business will be the collection and evaluation of new showlists. It’s likely significant trade volume will be delayed until the latter half of the week.  Last week – significant trade volume was delayed until Friday and was light to moderate.  Southern live deals were at mostly $121, generally $1 lower than the prior week’s weighted averages.  Northern dressed business was at mostly $193, roughly $2 lower than the prior week’s weighted average basis in Nebraska. 

Boxed beef opened steady to lower on light demand for light offerings.  Choice is $1.02 lower at $209.10 and Select opened $.10 higher at $203.99.  The Choice/Select spread is $5.11. 

In South Dakota last week, feeder steers were steady to $2 lower, except 500 to 600-pound steers, which were $4 to $5 lower.  Feeder heifers under 750 pounds were $1 to $3 lower and heifers over 750 pounds were $3 to $5 lower.  The USDA says demand was moderate to good with increased demand for lighter weight steer and heifer calves.  Receipts of 21,459 were down on the week and up on the year.  Feeder supply included 54 percent steers and 68 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $153.50 to $173.50 and feeder steers 701 to 749 pounds brought $142.75 to $158.50.  Medium and Large 1 feeder heifers 550 to 597 pounds brought $141 to $164 and feeder heifers 650 to 696 pounds brought $131.50 to $150. 

Cash hogs opened higher with light to moderate negotiated purchases.  The availability of market-ready hogs is more than ample, and buyers continue to hold the upper hand.  With slaughter runs continuing to hit record or near record totals almost daily there is more pork coming online to an already saturated market.  The industry is watching how China’s coronavirus outbreak impacts demand while the ongoing spread of African swine fever impacts global supplies of pork.  Should demand for US pork start to pick up substantially on the global market, it could be exactly what prices need to move higher for an extended period of time. 

Barrows and gilts at the National Daily Direct are $1 higher with a base range of $44 to $51.52 for a weighted average of $51.19 and the Western Corn Belt opened $.95 higher for a weighted average of $50.16.  The Iowa/Minnesota and the Easter Corn Belt were not reported due to confidentiality. 

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

At Illinois, slaughter sow prices are $1 to $3 higher with good demand for heavy offerings at $14 to $25.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $28 to $36.  Boars under 300 pounds are $14 to $18 and boars over 300 pounds brought $5 to $7. 

Pork values opened sharply higher – up $3.37 at $68.18.  Bellies jumped $14.53 to start the day.  Ribs, hams, and picnics are higher to sharply higher.  Butts and loins are weak.