Market News

Midday cash livestock markets

Direct cash cattle trade is at a standstill. Little to no cash trade is expected today.  There was a light to moderate trade that took place on Tuesday and Wednesday with deals well below last week’s weighted average basis. 

Boxed beef is mixed at midday – Choice is $.24 lower at $205.30 and Select is $.86 higher at $200.55.  The Choice/Select spread is $4.75. 

At the Mitchell Livestock Auction in South Dakota, compared to last week feeder steers 600 to 700 pounds were $2 to $5 lower and feeder steers over 700 pounds were $4 to $8 lower.  Feeder heifers 500 to 650 pounds were $2 to $4 lower, heifers 650 pounds and up were $6 to $8 lower.  The USDA says demand was fair and many load lots were available for the day’s offering.  Receipts are down slightly on the week.  Feeder supply is 56 percent steers and 87 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 748 pounds brought $138.75 to $148.25 and feeder steers 802 to 838 pounds brought $129.50 to $132.50.  Feeder heifers 651 to 698 pounds brought $126.50 to $133 and feeder heifers 801 to 848 pounds brought $116.60 to $122.35. 

Cash hogs opened mixed with moderate negotiated purchases.  Packers have been working to move their desired numbers this week.  The market continues to monitor the supply and demand situation.  Supplies continue to grow and that isn’t likely to change anytime soon.  At the same time, the demand picture is becoming increasingly more uncertain and there is more volatility in the broader markets as the coronavirus outbreak continues to spread.  A bright spot has been the domestic demand, which has held on fairly strong to start the year.  Barrows and gilts at the National Daily Direct are $.27 higher with a base range of $45 to $51.12 for a weighted average of $50.61 and the Western Corn Belt opened $.86 lower for a weighted average of $49.21.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality.   

Midwest cash markets are closed today. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at #17 to $26.  Barrow and gilt prices were firm with moderate demand for moderate offerings at $27 to $35. 

Pork values are higher at midday – up $1.02 at $65.30.  Bellies jumped $11.72 this morning.  Loins, butts, and ribs are all lower.  Picnics and hams are firm.