Market News

Midday cash livestock markets

Following yesterday’s light to moderate trade, direct cash cattle trade has been sluggish.  Northern dressed business had a wide range of $148 to $160 and live deals ranged from $95 to $100.  A light trade was also reported in the South at $100.  Asking prices for cattle on showlists are around $100 live in the South and $160 dressed in the North.  There should be more trade develop yet today, but if the market follows the pattern of the last few weeks, business could be wrapped up for the week.  Especially with the amount of processing plants closed due to the COVID-19 outbreak.

Boxed beef is sharply higher at midday – on good demand for light offerings.  Choice is $5.32 higher at $289.61 and Select is $4.29 higher at $277.18.  The Choice/Select spread is $12.43. 

At the Mobridge Livestock Exchange in South Dakota, this was the first reported sale in several weeks, so no comparison is available.  There was moderate to good demand for the offering of loads and packages, including several packages of weaned fall calves, and several loads of replacement quality heifers.  The USDA says quality varied and the market was moderate to active.  Receipts were comparable to the most recent sale and to the previous year.  Feeder supply included 49 percent steers and 85 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 740 pounds brought $133.50 to $148.50 and feeder steers 800 to 845 pounds brought $121.50 to $130.75.  Medium and Large 1 feeder heifers 620 to 645 pounds brought $132 to $143.50 and feeder heifers 650 to 690 pounds brought $130 to $137.50.  

Cash hogs opened lower with moderate negotiated numbers.  The hog market remains under immense pressure as supplies of market-ready hogs are more than ample and not only is there a demand lull, the processing facility shutdowns and slowdowns are causing backups of hogs at the producer level.  There is still optimism that demand for US pork on the global market will continue to increase, but there is a growing concern there could be a prolonged disruption to the pork supply chain.  Barrows and gilts at the National Daily Direct opened $1 lower with a base range of $31 to $35 for a weighted average of $33.73. 

No butcher hog sales as Midwest cash markets are closed today. 

At Illinois, slaughter sow prices were weak at $15 to $28 with moderate to good demand for moderate to heavy offerings.  Barrow and gilt prices were weak, with light demand for heavy offerings at $10 to $18.  Boars brought $2 to $5. 

Pork values are sharply lower at midday – down $3.81 at $72.56.  Bellies dropped $24.01 this morning.  Butts were also lower. Hams were weak while loins, picnics, and ribs were firm to higher. 

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