Market News

Midday cash livestock markets

Direct cash cattle activity remains quiet with limited interest from both sides.  Some early asking prices have been noted at $120 plus live in the South and $190 plus dressed in the North.  There was a strong rally in prices last week, but the decline in futures prices will likely be a limiting factor in follow-through support this week.  Look for a standoff to continue and the bulk of this week’s business to wait until at least midweek to develop. 

Boxed beef opened sharply lower on light demand and offerings.  Choice is $2.67 lower at $248.30 and Select is $3.81 lower at $234.33.  The Choice/Select spread is $13.97. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to the light test last week, steer and heifer calves and yearlings were steady to $7 lower.  The USDA says demand was moderate to good, supply was moderate to heavy.  There were several new crop calves in the offering along with weaned calves and loads of yearlings.  Receipts of 6,918 head were up significantly on the week and up on the year.  Feeder supply included 57 percent steers and 53 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 655 to 699 pounds brought $138 to $153.50 and feeder steers 750 to 784 pounds brought $122 to $138.  Medium and Large 1 feeder heifers 552 to 595 pounds brought $130 to $148 and feeder heifers 653 to 697 pounds brought $117 to $131. 

Cash hogs opened steady to weak with moderate negotiated numbers.  Concerns about the supply and demand picture have started to resurface into the market.  Demand for US pork has remained strong, and that’s been supportive to prices.  But the industry is still wondering how long that can list.  The potential that packing plants may need to shutter due to coronavirus outbreaks is also a concern.  And we’ve seen pork cutout values quickly to erode.  If the industry is looking for a silver lining, that’s the global demand situation.  Protein is still in short supply and as long as US production isn’t disrupted, the US pork industry is well-positioned to fill the gaping holes left by the African swine fever outbreak.   Barrows and gilts opened $.57 lower with a base range of $48 to $61 for a weighted average of $53.88; the Iowa/Minnesota opened $.10 lower for a weighted average of $56.10; the Western Corn Belt opened $.10 lower for a weighted average of $56.05.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36. 

Pork values opened lower – down $1.93 at $68.78.  Hams and butts were sharply lower.  Loins and bellies were lower.  Picnics and hams were both sharply higher.