Market News

Midday cash livestock markets

Direct cash cattle business is light. Activity is underway in parts of Kansas and Texas at $119 live, down $2 from the previous week. Some light trade was reported yesterday in Nebraska and Colorado at $119 to $120 live, $1 to $2 lower. Asking prices are $122 live and $194 dressed, with bids of $119 live and $190 dressed. There’s still likely some live business left to be done and there hasn’t been a whole lot of movement yet on the dressed basis. At the Fed Cattle Exchange, 413 head were on offer, 315 sold at $119 live, all for 1 to 9-day delivery.

Boxed beef at midday was mixed with moderate to good movement. Choice was down $1.15 at $206.68 and Select was up $.85 at $205.38.

At the Philip Livestock Auction feeder cattle sale in South Dakota, compared to the previous test, steers weighing less than 550 pounds were $4 lower, steers weighing 550 to 700 pounds were steady to $2 higher, and 700 to 850-pound steers were steady to $2 lower. Feeder heifers weighing less than 550 pounds were $4 to $5 lower, 550 to 650-pound heifers were steady to $2 higher, 650 to 700 pounders were $3 lower, and heifers weighing 700 to 750 pounds were steady. The USDA says the market was active to very active with good demand. 62% of the offering were steers and 75% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds were reported at $138.50 to $148.75 and 800 to 850-pound steers sold at $140.75 to $142.25. Medium and Large 1 feeder heifers weighing 500 to 600 pounds brought $150.50 to $165 and 600 to 700-pound heifers ranged from $133 to $148.

Cash hogs are steady to lower with a moderate opening negotiated run for the major direct markets. Buyers will continue to monitor market ready numbers, the weather, margins, and demand signals. The industry is still waiting for a surge in demand from China, with weekly export sales numbers out Thursday. The 30-day implementation period for Phase One of the trade agreement with China ends Saturday, February 15th, but it might be a while until demand picks up steam. The USDA does have aggressive production and export projections for 2020. The average Iowa/Southern Minnesota barrow and gilt weight for the week ending February 8th was 285.5 pounds, down 1.4 on the week and 0.3 on the year.

Pork at midday was unchanged at $63.65. Butts, picnics, ribs, and bellies were firm to modestly higher. Loins and hams were weak.

National direct barrows and gilts opened $1.91 lower at $42 to $51.64 with a weighted average of $47.96 and the Western Corn Belt is down $1.72 at $47.38. The Eastern Corn Belt had no recent comparison at $47.94 and Iowa/Southern Minnesota was not reported due to confidentiality. Illinois direct sows are steady at $14 to $25 on moderate demand for heavy offerings. Barrows and gilts are steady at $28 to $36 with moderate demand and offerings. Boars range from $5 to $18.

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