Market News

Midday cash livestock markets

Direct cash cattle trade has started to improve near midday.  There are a few more bids on the table at $123 live and $198 dressed.  Asking prices are around $128-plus live and $205 to $207 dressed.  While there is still a wide spread between the two – the threat of another round of winter weather in cattle country could jump-start business a little earlier this week. 

Boxed beef opened higher on Choice and Steady on Select on moderate demand for moderate offerings.  Choice is $1.58 higher at $218.07 and Select is $.12 higher at $211.62.  The Choice/Select spread is $6.45. 

At the Huss Platte Valley Auction in Nebraska, receipts are down on the week and up on the year.  Compared to the most recent sale, steers and heifers were steady.  The USDA says demand was good from a lighter crowd of buyers than normal.  The winter weather continues to limit crowds at the sale barn and opt for online bidding.  Feeder supply included 57 percent steers and 86 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 699 pounds brought $152 to $164.75 and feeder steers 800 to 838 pounds brought $138 to $144.  Medium and large 1 feeder heifers 650 to 692 pounds brought $138.25 to $146.85 and feeder heifers 750 to 799 pounds brought $131.50 to $135.10. 

Cash hogs opened lower with light to moderate negotiated purchase totals. Packers haven’t had to work hard to move their desired numbers this week because they have had ample supply of ready hogs – and the prices have reflected that.  Buyers and sellers continue to watch African Swine Fever as its spread hasn’t slowed.  There is hope it will eventually provide some price support and increased demand for US pork. 

There seems to have been some major advancements in the trade talks with China.  While that isn’t reflected in the cash prices at midday, futures contracts have rebounded from the last two days of sharply lower prices with additional help from oversold signals.  However, there are still other trade issues looming that could drag prices lower again. 

Barrows and gilts at the National Daily Direct are $1.34 lower at $44 to $47.85 for a weighted average of $46.56.  Prices at the major regional direct markets were not reported due to confidentiality. 

The Midwest cash markets are closed today.  At Illinois, slaughter sow prices are steady at $24 to $43 with moderate demand for moderate offerings.  Receipts are lower on the week and slightly higher on the year.  Barrow and gilt prices are steady at $25 to $34 with moderate demand for moderate offerings. 

Pork values are steady at midday – up $.13 at $60.30.  Loins and ribs are sharply higher.  Butts are firm.  Bellies are weak.  And hams and picnics are lower.