Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet this morning.  There are scattered bids reported in parts of Texas and Nebraska.  Asking prices are around $113 to $114 plus live and $180 plus dressed.  Significant trade volume will likely be delayed until late in the week, especially with Friday’s Cattle on Feed report.  Today’s Fed Cattle Exchange had an offering of 528 head with zero head sold.

At the Kingsville Livestock Auction in Missouri, receipts are down on the week and up on the year.  Compared to last week, steer and heifer calves sold steady to $8 higher.  The USDA says demand was moderate to good for calves and very good for the yearlings left.  Supply was moderate with a quality offering.  Feeder supply included 42 percent steers and 62 percent of the offering over 600 pounds.  Medium and Large 1 feeder steers 400 to 500 pounds brought $178.75 to $197 and feeder steers 700 to 800 pounds brought $156.74 to $178.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $153.50 to $165.50 and feeder heifers 700 to 800 pounds brought $148.50 to $162.10.

Boxed beef cutout values are weak to lower at midday with light demand for heavy offerings.  Choice down $.23 at $205.06 and Select down $1.23 at $194.24.  The Choice/Select spread is $10.82.

Cash hogs opened sharply higher with solid negotiated purchase numbers.  There continues to be some support to prices as there has been some market shifts following Hurricane Florence.  Hog weights were down more than a pound on the week and more than 3 pounds on the year with higher receipts.  The lower weights and higher receipts were likely a combination of buyers pulling numbers ahead following the shortened holiday week and in advance of Hurricane Florence making landfall.  Smithfield says there has been no major damage to processing facilities in the state and they are running again but at limited capacity.  Production will ramp up as roads become passable.  Once production resumes, supply and demand issues will likely return as hogs will be at heavier weights and will add more meat to an already saturated market.  The industry is also watching as African Swine Fever has continued to spread.  Barrows and gilts at the Iowa/Southern Minnesota opened $2.24 higher with a range of $45 to $57.50 for a weighted average of $56.15; the Western Corn Belt opened $2.23 higher with a range of $45 to $57.50 for a weighted average of $56.14; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.61 higher with a range of $45 to $57.50 for a weighted average of $54.67.

Butcher hogs at the Midwest cash markets are steady to higher at $32 to $34.  At Illinois, slaughter sow receipts are up on the week and down on the year.  Prices are $1 higher at $16 to $29 with light to moderate demand for moderate offering.  Barrows and gilts are $3 higher at $29 to $38.

Pork cutout values are higher at the midday up $.98 at $78.55.  The primals are all higher, led by the picnics and the hams.