Market News

Midday cash livestock markets

Some direct cash cattle trade activity has already been reported today.  There are a few early deals noted in Nebraska at $170 dressed and in Texas at $105 live.  Some early asking prices have been reported at $115 live.  Business last week got underway as early as Monday with significant business finishing up by Wednesday.  Southern live deals range from $105 to $110, mostly $110, $3 lower than the previous week’s weighted averages.  Dressed business range from $165 to $176, mostly at $175, generally $5 to $6 lower than the previous week’s weighted average basis in Nebraska. 

Boxed beef opened sharply higher on heavy demand and offerings.  Choice is $12.37 higher at $220.51 and Select is $12.01 higher at $213.99.  The Choice/Select spread is $6.52. 

At the open at the Oklahoma National Stockyards, there is no early trend available because comparable sales are limited.  However, the undertone is sharply lower.  The USDA says both supplies and demand are light.  Receipts of 1,250 head are down significantly from last week’s nearly 7,000 head offering and last year’s nearly 9,000 head offering.  Feeder supply includes 77 percent steers and 70 percent of the offering is over 600 pounds.  Medium and Large 1 feeder steers 753 to 786 pounds brought $113.50 to $120 and feeder steers 807 to 842 pounds brought $111.25 to $118.  Medium and Large 1 feeder heifers 325 to 326 pounds brought $127 to $146 and feeder heifers 608 to 631 pounds brought $100 to $115. 

Cash hogs opened weak with huge negotiated numbers this morning.  The industry continues to watch the supply and demand situation.  Domestic demand has remained strong and that’s been supportive to prices.  But there are valid concerns that packing plants could be massively impacted by the coronavirus outbreak and that has the potential to send prices tumbling as it would disrupt the meat supply and ability to move market-ready hogs through the system.  Barrows and gilts at the National Daily Direct opened $.38 lower with a base range of $48 to $56 for a weighted average of $53.71; the Western Corn Belt opened $.62 lower for a weighted average of $53.63; the Western Corn Belt is $.60 lower for a weighted average of $53.63.  The Eastern Corn Belt was not reported due to confidentiality.

At Illinois, slaughter sow prices are steady with good demand for moderate to heavy offerings at $19 to $28.  Barrow and gilt prices were $1 to $2 higher with moderate to good demand for moderate offerings at $32 to $38.

Pork values opened sharply higher today – up $4.17 at $74.01.  All of the primals were higher to sharply higher with bellies jumping $14.65.  Butts also jumped $5.84. 

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