Market News

Midday cash livestock markets

Direct cash cattle trade is still relatively quiet.  There are a few scattered bids on the table at $123 live and $202 dressed.  Packer inquiry is expected to improve as the day progresses.  Asking prices are at $128 live and $205 to $207 dressed.  The wide spread along with the release of the delayed USDA reports could push any significant trade volume until late in the day today.

Boxed beef opened higher with strong demand for light to moderate offerings.  Choice is $1.32 higher at $219.39 and Select is $.78 higher at $212.19.  The Choice/Select spread is $7.20. 

At the Ogallala Livestock Auction in Nebraska, receipts are up on the year.  There is no comparison available.  But the USDA says demand was good all day with both in-person and online bidders.  Feeder supply included 62 percent steers and 72 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 647 pounds brought $160 to $179 and feeder steers 653 to 699 pounds brought $145 to $162.  Medium and Large 1 feeder heifers 503 to 546 pounds brought $156 to $172 and feeder heifers 601 to 648 pounds brought $137 to $154.50. 

Cash hogs opened firm with light to moderate negotiated purchase totals.  Market ready supplies remain more than ample.  The near record and record large slaughter runs are likely adding more pork to a market that continues to struggle with demand uncertainty.  All eyes are on the ongoing discussions about trade deals – both the USMCA and with China.  And while talks with China have reportedly made some progress this week, there is still a long way to go before a deal is finalized.  Barrows and gilts at the Iowa/Southern Minnesota opened $.46 higher with a range of $45 to $46.75 for a weighted average of $46.48; the Western Corn Belt opened $.55 higher with a range of $44 to $46.75 for a weighted average of $46.31; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.90 higher with a range of $44 to $47.85 for a weighted average of $47.24. 

Midwest cash markets are closed today.  At Illinois, slaughter sow prices are mixed at $25 to $42 with moderate demand for moderate offerings.  Receipts are up on the week and down slightly on the year.  Barrow and gilts prices are steady to $1 lower at $25 to $33 with light to moderate demand for moderate offerings. 

Pork values are steady – down $.02 at $61.21.  Ribs and loins are higher.  Bellies are steady.  Hams, picnics, and butts were weak to lower. 

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