Market News

Midday cash livestock markets

Cattle country is quiet as it looks like the bulk of this week’s direct cash cattle business is complete.  There was a light to moderate trade that took place on Tuesday and Wednesday at mostly $115 live and $187 dressed.  But prices took a hit and were $3 to $5 lower than the previous week’s weighted average basis.  Asking prices for cattle that remain on showlists will likely be at $117 plus in the South and $187 in the North.

Boxed beef opened mixed on moderate demand for moderate to heavy offerings.  Choice is $.50 lower at $205.84.  Select is $1.24 higher at $199.84.  The Choice/Select spread is $6. 

At the Hub City Livestock Auction in South Dakota, compared to last week steers 550 to 700 pounds were steady to $3 lower, steers 701 to 900-pounds were $4 to $8 lower with instances of up to $10 lower.  Heifers 500 to 750 pounds were $3 to $7 lower, 751 to 800-pound heifers were steady to $3 higher.  The USDA says demand was moderate to good for the day’s large offering of packages and loads which sold on a moderate to active market.  Flesh was mostly moderate to moderate plus with some heavy flesh at times, slightly less flesh overall than last week.  Quality was similar to last week with many attractive cattle.  Receipts were down on the week and the year.  Feeder supply included 60 percent steers and 83 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 654 to 682 pounds brought $149.50 to $161.50 and feeder steers 700 to 748 pounds brought $141 to $150.50.  Medium and Large 1 feeder heifers 651 to 698 pounds brought $133 to $144 and feeder heifers 703 to 738 pounds brought $124 to $132.50.  

Cash hogs opened steady to weak with strong negotiated numbers.  The market is stuck in a pattern of back and forth as it continues to monitor the supply and demand situation.  There is ongoing optimism that demand for US pork will see a big boost on the global market, and this morning’s Export Sales report from the USDA supports that thought.  At the same time, there are concerns about the overall impact the coronavirus will have on demand and the US pork industry is facing competition from Brazil for increasing shares of the Chinese market as it continues to struggle to recover from African swine fever.  US pork supplies are growing and that isn’t likely to change anytime soon.  Thankfully, domestic demand has remained relatively strong to start the year. Barrows and gilts opened $.15 higher with a base range of $45 to $52 for a weighted average of $50.17; the Iowa/Minnesota is $.29 lower for a weighted average of $49.45; the Western Corn Belt opened $.24 lower for a weighted average of $49.45.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $31. 

At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $17 to $26.  Receipts are down on the week and up on the year.  Barrow and gilt prices were firm with moderate demand for moderate offerings at $27 to $35.  Boars range from $5 to $18. 

Pork values opened higher – up $1.94 at $66.43.  Bellies jumped $12.97.  Ribs, loins, butts are all higher at midday.  Picnics and hams were lower to sharply lower. 

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