Market News

Midday cash livestock markets

Direct cash cattle trade is scattered with a few bids renewed at $110 live and $175 to $178 dressed.  They are still far from the current asking prices of $115 to $118 live and $185 dressed.  Packer inquiry is expected to improve throughout the day.  But the wide spread between bids and asking prices could further delay any significant trade.

At the close, at the Pratt Livestock Auction receipts were down on the week, but up on the year.  Compared to last week’s auction, feeder steers 700 to 799 pounds were $9 to $10 higher, steers 800 to 1000 pounds were $2 to $4 higher.  Feeder heifers 650 to 900 pounds were $2 to $5 higher and calves were not well tested.  The USDA says trade was active and demand was good.  Feeder supply included 78 percent steers and 98 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 750 pounds brought $150.50 to $159.25 and steers 850 to 900 pounds brought $138.50 to $145.25.  Medium and Large 1 feeder heifers 750 to 800 pounds brought $132.25 to $139 and heifers 900 to 950 pounds brought $120.50 to $124.25.

Boxed beef cutout values opened mixed with light to moderate box movement.  Choice down $.02 at $222.06 and Select is $.71 higher at $202.68.  The Choice/Select spread closed at $19.38.

Cash hogs opened mixed with a narrow trading range.  Trade has been moving on a positive trajectory all week.   However, there is a large supply of hogs and the market has been nervous about any potential trade disruptions.  This morning’s announcement from the Administration on the tariffs being placed on Chinese imports added pressure the market didn’t need.

Barrows and gilts at the Iowa/Southern Minnesota opened $.03 lower with a range of $76.00 to $84 with a weighted average of $83.40; the Western Corn Belt opened $.09 higher with a range of $76.00 to $84 for a weighted average of $83.35; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.68 higher with a range of $76 to $84 for a weighted average of $82.35.

Butcher hogs at the Midwest cash markets are closed on Fridays.

At the Interior Missouri Direct, receipts are up on the week and the year. Barrows and gilts are steady to $4 higher at $63 to $66 on light to moderate supply and demand.  Sows are steady to $2 higher at $28 to $42.  For the week barrows and gilts are $3 to $8 higher and sows are steady to $5 higher.

Pork cutout values are higher at the midday – up $1.22 at $83.62.  The primals are higher led by a strong showing in the loin, the rib, the ham, and the belly.  The butt and the picnic both opened lower.