Market News

Midday cash livestock markets

 

Direct cash cattle business is very light. Sales are reported in Iowa and Nebraska ranging $122 to $124 live, but most of the region remains quiet, with the rest of the week’s business possibly delayed until after the afternoon’s on feed numbers. Light to moderate business was reported in the South Thursday, mainly at $121 to $122 on the live basis, up around $4 from last week’s weighted averages. That region could be wrapped up for the week. Much lighter business was reported in the North, not really enough to establish a trend. Asking prices are $124 to $125 live and $195 dressed, with bids of $121 to $122 live and $190 to $192 dressed. This afternoon’s USDA Cattle on Feed report is expected to show the major categories above a year ago. The numbers are out at 3 Eastern/2 Central.

Boxed beef at midday was higher with moderate to heavy movement. Choice was up $.21 at $211.55 and Select was $1.33 higher at $199.81.

At the Valentine Livestock Auction feeder sale in Nebraska Thursday, there was no recent test, so no comparison was offering, with receipts of 2,120 head. The USDA says demand was good and feeder cattle made up the entirety of the offering, 55% of which were heifers, with almost 62% of the run weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 500 to 600 pounds ranged from $180 to $199 and 800 to 900-pound steers brought $129 to $129.50. Medium and Large 1 feeder heifers weighing 600 to 700 pounds were reported at $146.50 to $154 and 700 to 800-pound heifers sold at $129.50 to $133, with 70 head of replacement heifers averaging 736 pounds at $150.50.

Cash hogs are mixed, with light to moderate opening negotiated numbers. Some buyers might have the needed numbers in hand heading into next week, but could still raise bids again, spurred by the seasonal tightening of market ready numbers, even if processing margins have weakened as wholesale demand remains slow. The pork market continues to grapple with large available supplies after several months of record production, along with some international trade issues. China isn’t as big of a market as it used to be, but it is still a market for U.S. pork, and even if renegotiations have resumed, a new NAFTA deal might be weeks off.

Pork at midday was down $.03 at $68.39. Loins, picnics, and hams were weak to lower, while butts, ribs, and bellies were higher.

Iowa/Southern Minnesota direct barrows and gilts opened $.41 lower at $50 to $61.50 for an average of $58.19 and the Western Cornbelt is down $.21 at $50 to $61.50 with an average of $58.19, but national direct business is $.36 higher at $50 to $61.50 for an average of $57.87. Butcher hogs at the Midwest cash markets are steady at $34. Missouri direct butchers are steady to $2 higher at $45 to $48 on light to moderate supply and demand. Sows are steady to $4 higher at $25 to $44. Illinois direct sows are steady at $30 to $44 on moderate demand and offerings. Barrows and gilts are steady at $32 to $40, also with moderate demand and offerings. Boars range from $8 to $17.