Market News

Midday cash livestock markets

Another light round of direct cash cattle trade is underway.  A few deals have been reported at $119 to $120 live, steady to $1 higher than last week’s weighted averages.  In Colorado, deals have been reported at $120, fully steady with yesterday’s business.  Asking prices around the rest of cattle country are $122 live and $195+ dressed.  There was a light round of live business yesterday at $120, generally $1 higher than the prior week’s weighted averages.  Look for the rest of this week’s business to develop today or tomorrow. 

Boxed beef opened weak with light demand for moderate to heavy offerings.  Choice down $.79 at $204.78 and Select is $.42 lower at $201.34.  The Choice/Select spread is $3.44. 

At the Hub City livestock auction in South Dakota, compared to last week the best test was on steers 600 to 650 pounds and 701 to 750 pounds and they were steady to $1 higher.  The best test on heifers was 550 to 600 pounds and 650 to 700 pounds and they were $2 to $5 higher.  The USDA says demand was moderate for the day’s very large offering of mostly home-raised cattle sold in many packages and loads.  Cattle that fit grass programs were met with good demand and quality was mostly attractive.  Receipts of 7,215 head were up on the week.  Feeder supply included 61 percent steers and 82 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 699 pounds brought $150 to $154 and feeder steers 754 to 797 pounds brought $142.50 to $154.60 and feeder heifers 658 to 696 pounds brought $134 to $149 and feeder heifers 703 to 744 pounds brought $130 to $140.25. 

Cash hogs opened weak with moderate negotiated purchases.  The market continues to watch the supply and demand situation for pork.  Today’s livestock slaughter report isn’t expected to be friendly to the pork production picture.  And heavy supplies are expected to continue through the first part of the year.  Overall, the industry remains optimistic about the demand picture for US pork on the global market, despite concerns of the potential impact from the coronavirus outbreak in China.  China has reported that its sow herd has increased some, and that isn’t great news for prices. Barrows and gilts at the National Daily Direct opened $.37 lower with a base range of $45 to $52.50 for a weighted average of $49.98; the Iowa/Minnesota opened $.58 lower for a weighted average of $49.43; the Western Corn Belt opened $.64 lower for a weighted average of $49.43.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $2 lower at $34 and $32.  At Illinois, slaughter sow prices were steady with moderate to good demand for heavy offerings at $17 to $26.  Barrow and gilt prices were steady with moderate demand for moderate offerings at $27 to $34.  Boars range from $5 to $20. 

Pork values opened firm – up $.49 at $64.50.  Bellies are higher.  Loins, butts, hams, and picnics are all firm.  Ribs are lower.