Market News

Midday cash livestock markets

A light direct cash cattle trade is underway in most of cattle country.  Live business is marked at $118 to $120, sharply higher than last week’s weighted averages.  Asking prices are holding firm at $125 live in the South and $195 dressed in the North.  Bids have been floated at $185 to $190 dressed.  Look for more business to develop as the week progresses.  Today’s Fed Cattle Exchange had an offering of 5,886 head, 2451 head sold.  Cattle sold 1 to 9-day delivery brought a weighted average of $119.77 and cattle sold 1 to 17-day delivery brought a weighted average price of $117.73. 

Boxed beef opened steady on good demand for moderate offerings.  Choice is $.17 higher at $256.48 and Select is $.21 higher at $245.69.  The Choice/Select spread is $10.79. 

At the Philip Livestock Auction in South Dakota, comparisons were made to two weeks ago, and there was a limited test on feeder steers under 600 pounds, 600 to 650 pounds were $3 lower, 650 to 700 pounds $2 higher, and 700 to 750 pounds $8 higher.  Feeder heifers under 500 pounds were not well compared, heifers 500 to 550 pounds were $3 lower, 550 to 650 pounds were steady to $2 lower.  The USDA says demand was very good for several load lots and many packages of feeder steers, feeder heifers, and replacement heifers.  Receipts of 1,752 were up from the most recent sale and on the year.  Feeder supply included 62 percent steers and 93 percent of the offering was over 600 pounds.  Medium and large 1 feeder steers 656 to 691 pounds brought $151.75 to $163.50 and feeder steers 757 to 787 pounds brought $143.25 to $152.25.  Medium and Large 1 feeder heifers 602 to 620 pounds brought $144 to $149.50 and feeder heifers 708 to 724 pounds brought $145.50 to $152. 

Cash hogs opened steady with moderate negotiated numbers.  Supplies of ready barrows and gilts are ample, and there’s been no shortage of hogs as packers have been aggressively procuring numbers to meet their need.  Largely to keep up with demand on the retail side, but also out of an abundance of caution in case a plant would be forced to shut down due to the coronavirus outbreak.  The global demand picture is a bright spot right now, as US pork, should production not be impacted, would be able to fill the holes in the global protein supply left by African swine fever.  Hog weights increased again this week to 286.2 pounds, that’s up .5 pounds from last week and up .2 pounds form the previous year. 

Barrows and gilts at the National Daily Direct opened $.08 lower with a base range of $55 to $62.50 for a weighted average of $49.13; the Iowa/Minnesota opened $.07 lower for a weighted average of $59.87; the Western Corn Belt opened $.06 lower for a weighted average of $58.08.  The Eastern Corn Belt was not reported due to confidentiality. 

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

Pork values opened lower – down $2.60 at $79.45.  Butts dropped $21.80 and bellies dropped $12.06 this morning.  Picnics and ribs were lower.  Hams and loins were higher.