Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet as bids and asking prices have yet to surface.  The market is expecting another very light week of business and it’s likely significant trade volume will be delayed until the latter half of the week.  Last week it was another light round of business with cash deals sporadic throughout the week.  Northern dressed business had a wide range with deals anywhere from $148 to $160.  Southern live deals ranged from $93 to $100.  Slaughter capacity remains pressured as more processing facilities are closing due to the COVID-19 outbreak.

Boxed beef is sharply higher at midday on heavy demand for light to moderate offerings.  Choice is $14.38 higher at $307.75 and Select is $15.23 higher at $294.25.  The Choice/Select spread is $13.50. 

In South Dakota, compared to the prior week, feeder steers under 700 pounds were $3 to $6 lower, 700 to 850-pound steers were steady to $1 lower, and heavier weight steers were steady to $3 higher.  Feeder heifers under 700 pounds were $2 to $5 lower, except 600 to 650-pound heifers which were $6 to $7 higher.  The market has been very uneven and that’s likely to continue.  And despite all of the negative factors in the cattle market right now, feeder cattle auctions have been active.  Receipts were up on the week.  Feeder supply included 53 percent steers and 91 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 740 pounds brought $133 to $150.25 and feeder steers 800 to 848 pounds brought $118.50 to $136.25.  Medium and Large 1 feeder heifers 600 to 649 pounds brought $130 to $146 and feeder heifers 800 to 849 pounds brought $105.50 to $117.25. 

Cash hogs opened mixed with moderate negotiated numbers.  The market remains under pressure as more processing facilities are being forced to closed due to the COVID-19 outbreak.  This comes at a time when supplies of market-ready hogs are heavy and the availability in the supply chain to them are limited.  Continued reductions in slaughter capacity and pork processing will likely end in a backup in the entire production system leaving producers with very limited options.  Barrows and gilts at the National Daily Direct are $.33 higher with a base range of $31 to $36 for a weighted average of $34.45; the Iowa/Minnesota opened $1.63 lower for a weighted average of $32.37; the Western Corn Belt is $1.35 lower for a weighted average of $32.40.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices in Dorchester, Wisconsin are at $24 with no comparison.  Garnavillo, Iowa is closed today. 

Pork values opened higher – up $3.75 at $81.23.  Bellies and hams are sharply higher.  Butts are higher.  Loins and ribs are weak to lower.  Picnics are sharply lower.