Market News

Midday cash livestock markets

Direct cash cattle trade is relatively quiet through midday.  There have been a handful of deals at $186 dressed in Iowa.  Other bids have surfaced at $185 to $188 dressed in the North.  Asking prices are firm at $125 live in the South and $190 dressed in the North.  Wednesday’s Fed Cattle Exchange has an offering of 5,886 head. Significant trade volume is expected to be delayed until midweek or later. 

Boxed beef is steady to firm at midday on good demand for moderate offerings.  Choice is $.16 higher at $257.48 and Select is $.78 higher at $245.92.  The Choice/Select spread is $.92. 

At the Callaway Livestock Center in Missouri, compared to last week still a very light test of feeders, but all sold with a sharply higher undertone.  Feeder demand was very good.  It’s been another week where producers have taken a wait and see approach, but many of the calves sold at levels that were comparable to the market about three weeks.  Feeder supply included 52 percent steers and 54 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 604 to 648 pounds brought $145 to $158 and feeder steers 754 to 770 pounds brought $136.50 to $138.75.  Medium and Large 1 feeder heifers 715 pounds brought $130.50 and feeder heifers 765 pounds brought $129.25. 

Cash hogs opened higher with strong negotiated numbers.  Supplies of ready barrows and gilts are ample, and that’s beneficial as packers are still bidding up and moving big numbers in order to keep up with retail demand.  They will also likely continue their aggressive procurement efforts out of an abundance of caution to ensure there is enough supply in case a plant would be forced to shut down because of a coronavirus outbreak.  There are some bright spots as well in terms of global demand, which has also been supportive to prices.  Barrows and gilts at the National Daily Direct opened $.87 higher with a base range of $55 to $61.25 for a weighted average of $58.37; the Iowa/Minnesota opened $.92 higher for a weighted average of $59.16; the Western Corn Belt opened $.96 higher for a weighted average of $59.12.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40. 

Pork values are higher at midday – up $.73 at $84.24.  Ribs and butts are sharply higher.  Loins and hams are higher.  Bellies are weak and picnics are lower.