Market News

Midday cash livestock markets

Direct cash cattle trade is improving as the day progresses.  More bids have surfaced at $110 to $113 live and $176 dressed.  Asking prices are around $116 to $117 live and $178 to $180plus, dressed.  While activity has increased, it’s looking like significant trade volume won’t develop until sometime on Friday.

At the Bassett Livestock Auction in Nebraska, receipts are down on the week.  Compared to the most recent sale feeder steers 450 pounds were steady, steers 500 pounds were $4 lower, and steers 550 to 650 pounds were $4 to $10 higher.  Feeder heifers 450 to 600 pounds were steady to $7 higher.  The USDA says demand was good with several buyers and high online activity.  Feeder supply included 63 percent steers and 35 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 502 to 545 pounds brought $175 to $183 and feeder steers 556 to 597 pounds brought $164 to $178.50.  Medium and Large 1 feeder heifers 502 to 547 pounds brought $151 to $158.50 and feeder heifers 551 to 578 pounds brought $146.50 to $157.50.

Boxed beef cutout values are firm to higher on moderate demand for light offerings.  Choice opened $.21 higher at $213.37 and Select opened $1.27 higher at $198.45.  The Choice/Select spread is $14.92.

Cash hogs opened mostly higher with light negotiated purchase totals.  The supply of market-ready hogs is ample and allowing packers to control the prices.  There is still worry about demand certainty – especially as the trade situation remains volatile with some of the largest customers of US pork.  There is some guarded optimism about the potential that the continued spread of African Swine Fever in China will result in an increase in demand on the global market for US pork.  Barrows and gilts National Daily Direct opened $.76 higher with a range of $46 to $52.44 for a weighted average of $52.11.  The major regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $33 and $36.  At Illinois, slaughter sow receipts are up on the week and the year.  Prices are steady at $30 to $44 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $28 to $37 with moderate demand for moderate offerings.

Pork cutout values are firm at midday – up $.59 at $69.61.  Bellies jumped $7.99 this morning.  Loins and Ribs were higher.  Butts are steady.  Hams are lower and Ribs dropped $9.54 this morning.