Market News

Midday cash livestock markets

 

Direct cash cattle markets are at a standstill. This week’s showlist looks larger in most of the major feeding areas, except for Texas, with early bids at $125 to $126 on the live basis and $204 dressed and scattered asking prices of $128 to $129 live and $208 dressed. Buyers could be motivated by the solid basis, like last week, keeping carcass weights down and feedlots current, or trade could wait until after Friday’s USDA Cattle on Feed report. This week’s Fed Cattle Exchange offering is 166 head, with results out Wednesday.

Boxed beef at midday was weak on light to moderate movement. Choice was down $.03 at $224.84 and Select was $.49 lower at $216.80.

At the Sioux Falls Regional Stockyards in South Dakota Monday, compared to the previous week, steers and heifers were sharply lower. The USDA says demand was mostly moderate, with flesh condition mostly moderate to heavy. Demand for lighter weight cattle was moderate to good because of the relative scarcity of supplies. 66% of the feeder cattle offering were steers and 86% of the run weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 700 to 800 pounds brought $139.25 to $159.25 and 900 to 1,000-pound steers were reported at $121.50 to $134.25. Medium and Large 1 heifers weighing 500 to 600 pounds ranged from $149.50 to $158 and 600 to 700-pound heifers sold at $124 to $135.25.

Cash hogs are steady to lower. Buyers want to put more pressure on business, helped by plenty of ready numbers and volatility in wholesale business. There’s a lot of pork on the market, with February’s livestock slaughter and cold storage reports both out Thursday afternoon. There are also uncertainties about export demand connected to trade issues. NAFTA is less of a concern, but there are rumblings about potential retaliation from China and the European Union.

Pork at midday was up $.97 at $72.95. Loins, picnics, hams, and bellies were firm to sharply higher, while butts and ribs were weak to lower.

Western Cornbelt direct barrows and gilts opened $.89 lower at $53.50 to $57 for a weighted average of $55.39 and national direct business is down $.38 at $51 to $57 with an average of $56.03. Butcher hogs at the Midwest cash markets are steady at $36 to $40. Missouri direct butchers are steady at $50 to $51 on light to moderate supply and demand. Sows are steady to $5 lower at $28 to $44. Illinois direct sows are $5 lower at $30 to $45 on light to moderate demand for moderate to heavy offerings. Barrows and gilts are $1 lower at $35 to $40 on light to moderate demand for moderate offerings. Boars range from $9 to $22.