Market News

Midday cash livestock markets

Another light to moderate round of direct cash cattle trade is developing in the North.  Dressed deals are at $190, $3 lower than last week’s weighted average basis in Nebraska.  Aside from a little cleanup trade, business looks to be essentially be completed in the South for the week.  Asking prices for cattle left on showlists are around $121 live and $193 to $194 dressed. 

Boxed beef is steady to lower at midday on moderate demand for moderate offerings.  Choice is $.01 higher at $206.32 and Select is $1.64 lower at $203.66.  The Choice/Select spread is $2.66. 

At the Huss Livestock Market in Nebraska, steers under 800 pounds and heifers under 700 pounds were unevenly steady.  Steers over 800 pounds were $5 to $6 lower and heifers over 700 pounds were $3 to $5 lower.  The USDA says demand was moderate to good and quality varied throughout the sale.  Receipts were almost even on the week and up slightly on the year.  Feeder supply included 58 percent steers and 71 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 691 pounds brought $146.50 to $156.50 and feeder steers 750 to 799 pounds brought $137.10 to $146.  Medium and Large 1 feeder heifers 600 to 643 pounds brought $138.25 to $148 and feeder heifers 703 to 738 pounds brought $129 to $134.50. 

Cash hogs opened mixed with moderate negotiated purchases. Supply and demand continue to be the storyline.  Availability of market-ready hogs is more than ample and slaughter runs have yet to pull back this year, both add more pork to an already saturated market.  The demand picture still isn’t clear.  The export sales report showed a week-to-week decline, but actual exports were steady.  However, the primary destination wasn’t China… it was Mexico. The 30-day implementation period for the Phase One agreement is up on Saturday and we could start to see some improvement.  But it remains to be seen how the coronavirus can and will impact China’s overall demand.  All of the uncertainty doesn’t give the market any clear path moving forward.  Barrows and gilts at the National Daily Direct opened $1.08 higher with a base range of $42 to $51.64 for a weighted average of $49.48 and the Western Corn Belt is $1.34 lower for a weighted average of $47.23.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $38.  At Illinois, slaughter sow prices were firm with moderate demand for heavy offerings at $14 to $25 and barrow and gilt prices were $1 lower with moderate demand for moderate offerings at $27 to $35.  Boars range from $5 to $18. 

Pork values are weak at midday – down $.73 at $63.23.  Bellies dropped $6.57 this morning.  Picnics and hams are weak to lower.  Butts are steady.  Loins and ribs are higher.