Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  Bids and asking prices have yet to be established.  It looks like significant trade volume will be delayed until the latter half of the week.  Last week’s formula totals were mixed – larger in Nebraska, but smaller in Kansas in Texas.  This week’s showlists appear to be steady in Colorado, but smaller in Texas, Nebraska, and Kansas.  The ongoing battles with Mother Nature is likely contributing to the slowdown of available market ready numbers. 

Boxed beef opened higher to sharply higher on moderate to heavy demand for light offerings.  Choice is $.87 higher at $218.26 and Select is $1.74 higher at $214.74. 

At the close at the Oklahoma National Stockyards, receipts are up on the week and down on the year.  Compared to the latest sale, feeder steers and heifers were steady to $3 lower with the exception of 600 to 650-pound feeder steers and 650 to 700-pound feeder heifers, which were $2 higher.  Steer calves were steady to $5 higher and heifer calves were mostly steady to $1 lower.  The USDA says quality was average to attractive.  There were many lots of attractive, uniform cattle on offer.  The demand was moderate to good, especially good for wheat pasture grazing steer calves.  Feeder supply included 56 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 697 pounds brought $143.50 to $155 and feeder steers 802 to 891 pounds brought $130 to $135.10.  Medium and Large 1 feeder heifers 554 to 598 pounds brought $137 to $145 and feeder heifers 751 to 796 pounds brought $127 to $133.50. 

Cash hogs opened steady with moderate negotiated purchase totals.  The supply of ready barrows and gilts is ample.  Packers have plenty of hogs available and that will likely limit any price movement as we see processing runs ramp up again.  Buyers and sellers continue to monitor progress on trade talks – specifically with China.  And the market is watching the African Swine Fever situation as it continues to spread.  Holding out hope that it will eventually provide some additional demand for US pork.  Barrows and gilts at the Iowa/Southern Minnesota are $.27 lower with a range of $44.50 to $49 for a weighted average of $48.38; the Western Corn Belt is $.24 lower with a range of $44.50 to $49 for a weighted average of $48.35; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.04 higher with a range of $44.50 to $49 for a weighted average of $48.29. 

Butcher hogs at the Midwest cash markets are steady at $32.  At Illinois, slaughter sow prices are mixed at $23 to $38 with moderate demand for moderate offerings.  Receipts are down on the week and the year.  Barrow and gilt prices are steady to $1 lower at $25 to $35 with moderate demand for moderate offerings. 

Pork values opened weak – down $.56 at $61.02.  Loins and bellies were lower.  Hams and butts were steady.  Picnics and ribs were higher.