Market News

Midday cash livestock markets

Direct cash cattle trade is quiet – which is typical for a Monday.  Packers are focused on the distribution of new showlists.  Those are expected to be mixed – smaller in the North and larger in the South.  A fairly active trade finally developed around noon on Friday last week in the North with dressed deals at $171 to $174, about $2.50 lower than the previous week’s weighted average basis in Nebraska.  Southern business was light and occurred late in the day Friday at around $110.50 – about $.50 to $1 lower than the previous week’s averages.

At the open, at the Oklahoma National Stockyards, receipts are down on the week and the year.  Compared to last week all classes of feeder cattle and calves are trading with a higher undertone.  The USDA says demand was good.  The unseasonably cooler temperatures along with heavy rainfall have hampered livestock movement.  Feeder supply included 63 percent steers and 76 percent of the offering is over 600 pounds.  Medium and Large 1 feeder steers 600 to 700 pounds are priced $144 to $165 and feeder steers 800 to 900 pounds are $144.25 to $144.75.  Feeder heifers 600 to 700 pounds are priced $149.25 to $158.

Boxed beef cutout values opened higher to sharply higher.  Choice is $1.98 higher at $213.36 and Select up $.59 at $201.51.  The Choice/Select spread is $11.85.

Cash hogs opened lower on extremely light negotiated numbers.  The large supply and weak demand continues to add pressure to prices.  News that a third case of African Swine Fever has been found in China and rumors that trade talks between the US and China could resume yet this month might eventually provide some support to prices.

The National Daily Direct opened $.51 lower with a range of $38 to $40.50 for a weighted average of $40.07.  The other major regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets have no comparison but opened at $27.

At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $20 to $32 with light to moderate demand for moderate offering.  Boars under 300 pounds are $10 to $15 and boars over 300 pounds are $5 to $8.  Barrows and gilts are $1 lower at $18 to $30 with light to moderate demand for moderate offerings.

Pork cutout values were delayed at midday due to packer submission problems.  We’ll update that information as soon as it is available.