Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  Today’s activity is limited to the collection and evaluation of new showlists.  Bids and asking prices have yet to surface and it’s likely significant trade volume will be delayed until the latter half of the week.  The trade saw light to moderate business develop in most areas Wednesday and Thursday.  Live deals were mostly at $127 and dressed deals were mostly $204.  Both were a $1 lower than the previous week’s weighted averages.  Last week’s severe weather likely will limit total trade volumes. 

Boxed beef opened higher with moderate to heavy demand for light offerings.  Choice is $1.25 higher at $228.24 and Select is $.70 higher at $218.04.  The Choice/Select spread is $10.20. 

Receipts were down significantly in South Dakota for the week.  Many of the late-week auctions were cancelled due to blizzard and hazardous weather conditions.  The continual blasts of weather have had a severe impact on the feeder cattle market.  Livestock transportation across much of cattle country is nearly impossible right now.  Cattle feeders have been faced with rising costs of gain due to poor cattle performance.  Medium and Large 1 feeder steers 700 to 749 pounds brought $136 to $152.50 and feeder steers 900 to 848 pounds brought $128.50 to $144.50.  Medium and Large 1 feeder heifers 653 to 697 pounds brought $127 to $145.25 and feeder heifers 705 to 748 pounds brought $122.50 to $137. 

Cash hogs opened higher with moderate negotiated purchase totals.  The supply of ready barrows and gilts is ample.  But the news that China’s been showing interest in the US market again has pushed aggressive buying forward.  Look for momentum to continue to build – until it doesn’t.  News surfaced over the weekend that a trade deal with China may be pushed to June.   Barrows and gilts at the Iowa/Southern Minnesota opened $1.39 higher with a range of $50 to $58 for a weighted average of $56.87; the Western Corn Belt opened $.79 higher with a range of $48 to $58 for an average of $55.87; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.09 higher with a range of $48 to $58 for a weighted average of $55.01. 

Butcher hogs at the Midwest cash markets are at $40.  That’s $4 higher in Garnavillo, Iowa.  At Illinois, slaughter sow prices are $1 lower at $29 to $43 with light to moderate demand for moderate to heavy offerings.  Barrow and gilt prices are $2 higher at $31 to $38 with good demand for moderate offerings. 

Pork values are higher at midday – up $1.10 at $69.99.  Ribs, picnics, hams, and bellies are all higher.  Butts are steady.  Loins are weak.