Market News

Midday cash livestock markets

It’s a slow start for direct cash cattle business today.  There are just a few bids renewed at $172 to $173 dressed in Nebraska and $108 live in Texas and Nebraska.  Asking prices remain around $112 to $114 live and $178-plus, dressed.  The wide spread could delay significant business until later today or push it into tomorrow – following the trend of recent weeks.

At the Sheridan Livestock Auction in Nebraska, receipts are up on the week and the year.  Compared to two weeks ago steers were unevenly steady.  There was strong demand for big strings of yearlings with a few fall calves coming off of grass.  The USDA says bidding was good throughout the sale.  Feeder supply was 81 percent steers and 100 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 862 to 885 pounds brought $152.60 to $153.60 and feeder steers 921 to 949 pounds brought $146.50 to $152.50.  Medium and Large 1 feeder heifers 752 to 796 pounds brought $147.75 to $148.25 and feeder heifers 862 to 874 pounds brought $148.10.

Boxed beef cutout values are mixed on light to moderate box movement.  Choice down $.94 at $209.01 and Select up $.56 at $201.17.  The Choice/Select spread is $7.84.

Cash hogs opened weak.  Processing margins have improved some, but the sharp decline in wholesale values yesterday has buyers trying to push prices lower again today.  Look for a big slaughter run this weekend, early estimates for Saturday’s kill is more than 140,000 head. The hog supply is ample, but demand uncertainties remain.  However, news broke this morning that China and the US will resume trade negotiations later this month.  That could provide some support to the demand picture.  Barrows and gilts at the Iowa/Southern Minnesota are $.30 lower with a range of $42 to $42.25 for a weighted average of $42.01; the Western Corn Belt opened $.31 lower with a range of $42 to $42.25 for a weighted average of $42.01; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.43 lower with a range of $40 to $42.50 for a weighted average of $41.70.

The Midwest cash markets in Dorchester, WI and Garnavillo, Iowa are closed today.  The market in Zumbrota, MN is not established.

At Illinois, slaughter sow receipts are down on the week and up on the year.  Prices are steady at $20 to $32 with light to moderate demand for moderate offerings.  Barrows and gilts are steady at $19 to $31 with light to moderate demand for moderate offerings.

Pork cutout values are firm at the midday – up $.28 at $68.77.  The primals are mixed with the ribs, loins, and butts all higher.  The bellies and hams are weak, and picnics are sharply lower.