Market News

Midday cash livestock markets

Direct cash cattle markets are quiet after the light to moderate activity earlier in the week. Thursday’s live trade was mostly at $113, that’s steady with Wednesday, but down $2 from last week, which was down $5 from the week before that. Dressed business ranged from $180 to $182, $4 to $6 lower than the previous week. Widespread activity is more than likely wrapped up, but some clean-up trade is possible. Asking prices for what’s left on the show list are around $115 live and $184 dressed. The wholesale market has held up relatively well, but futures have dropped on the decline in the Dow Jones Industrial Average and demand concerns linked to coronavirus.

Boxed beef at midday was firm to sharply higher with moderate movement. Choice was up $.32 at $207.57 and Select gained $2.23 at $203.29.

At the Woodward Livestock Auction feeder cattle sale in Oklahoma, compared to the previous week, 600 to 800-pound steers were $5 to $6 higher, while heavier weights were steady to $4 lower and steer calves were steady to $6 higher. 600 to 800-pound feeder heifers were steady to $5 higher, heavier weights were $3 lower, and heifer calves were $5 to $9 higher. The USDA says demand was moderate. Medium and Large 1 feeder steers weighing 700 to 800 pounds were reported at $126.50 to $148 and 800 to 900-pound steers sold at $119 to $130. Medium and Large 1 feeder heifers weighing 600 to 700 pounds ranged from $120 to $145.50 and 700 to 800-pound heifers brought $114.50 to $126.50.

Cash hogs are steady to lower with moderate opening negotiated numbers for the major direct markets. Buyers are trying to limit spending while still moving the needed numbers and keeping an eye on margins and demand. Export demand has been good overall, with the possibility of China issuing tariff waivers for U.S. pork, and domestic demand looks solid, as wholesale buyers start to prepare for widespread grilling season. Market ready numbers are slightly tighter than earlier this year and Saturday’s kill is projected at 205,000 head. The USDA’s attaché in the European Union says nearly two-thirds of the pork purchased by China in 2019 came from the E.U., leading to record exports and expansion in the breeding herd, and projects another record year for exports in 2020.

Pork at midday was down $.39 at $66.65. Picnics, hams, and bellies were weak to sharply lower, including a $4.71 loss for the belly primal. Loins, butts, and ribs were sharply higher.

National direct barrows and gilts opened $.93 lower at $45 to $50.76 with a weighted average of $50.57 and the Western Corn Belt is down $2.28 at $50. Iowa/Southern Minnesota and the Eastern Corn Belt direct markets were not reported due to confidentiality. Illinois direct sows are steady at $19 to $28 on good demand for light offerings. Barrows and gilts are firm at $27 to $35 with moderate demand for moderate offerings. Boars range from $5 to $18.