Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet.  There are a few scattered bids floating.  Dressed bids were renewed in Nebraska at $172 to $174 following yesterday’s very light trade where we saw deals range from $170 to $174.   Live bids have been floated this morning at $110.  Asking prices are still pretty slim today.  But there’s been some prices reported at $114 live in parts of Texas.  Today’s Fed Cattle Exchange is a non-starter.  There were a total of 1,103 head listed, asking prices ranged from $111 to $113 and no cattle actually sold.  Don’t look for significant trade volume to develop until the latter half of the week.

At the Philip Livestock Auction in South Dakota, receipts are up on the week and down slightly on the year.  Compared to last week lightweight feeder steers were $8 to $12 higher, steers 450 to 600 pounds were $5 to $7 higher and steers 600 to 700 pounds were steady to $2 higher.  Feeder heifers under 500 pounds were steady to $3 lower, heifer 500 to 600 pounds were steady, and heifers 600 to 650 were steady to $2 higher.  The USDA says demand was very good for many long strings, load lots, and packages of feeder steers and heifers.  All sold on an active market.  Feeder supply included 70 percent steers and 32 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 555 to 598 pounds brought $170 to $85 and feeder steers 600 to 649 pounds brought $163.50 to $177.50.  Medium and Large 1 feeder heifers 502 to 545 pounds brought $156.25 to $163.50 and feeder heifers 551 to 596 pounds brought $153.50 to $161.

Boxed beef cutout values are mixed – weak on Choice and lower on Select on light demand for moderate offerings.  Choice up $.22 at $204.83 and Select is $1.02 lower at $191.53.  The Choice/Select spread is at $13.30.

Cash hogs opened lower to sharply lower with moderate negotiated purchase numbers.  The supply and demand woes continue.  Weekly estimated average weights out of the Iowa/Southern Minnesota were 282.8 pounds.  That’s a nearly 2-pound jump over the previous week and nearly a pound more than last year.  With the massive slaughter runs lately, it adds a lot of pork to a market that is struggling to find some demand certainty somewhere.  While the USMCA deal should eventually help with pork demand, Senate Majority leader Mitch McConnell says it won’t be completed this year and Mexico has yet to drop their 20 percent tariff on US pork.  There’s also speculation the African Swine Fever outbreak in China could help to support prices, eventually.  But, it is still uncertain just how much of an impact it has had on the country’s pork supply.

Barrows and gilts at the Iowa/Southern Minnesota opened $1.94 lower with a range of $55 to $60.50 for a weighted average of $57.82; the Western Corn Belt opened $1.88 lower with a range of $55 to $60.50 for a weighted average of $57.82; the Eastern Corn Belt opened $.55 lower with a range of $53 to $61 for a weighted average of $59.80; and the National Daily Direct opened $.52 lower with a range of $53 to $61 for a weighted average of $59.40.

Butcher hogs at the Midwest cash markets are steady in Dorchester, Wisconsin; Zumbrota, Minnesota; and Garnavillo, Iowa at $40 and $42.  Red Oak, Iowa is $1 lower at $41.

At Illinois, slaughter sow receipts are steady at $25 to $37 with moderate demand for moderate offerings.  Barrow and gilt prices are $1 lower at $34 to $42 with moderate demand for moderate offerings.

Pork cutout values opened sharply lower – down $1.37 at $79.50.  The bellies opened $6.27 lower.  Loins were also lower while butts, hams, picnics, and ribs were all steady to higher.