Market News

Midday cash livestock markets

Direct cash cattle trade activity is underway with light business reported in Texas at $126 live.  Today’s Fed Cattle Exchange could hav been the spark the market needed.  There 1,578 head offered with 1,269 head sold and marked for 1 to 17-day delivery with a weighted average price of $127.08.  Packer inquiry is also improving around cattle country with some scattered bids coming in at $126 to $127 live.  Asking prices are holding firm at $128 to $130 live and $208-plus dressed.  Significant trade volume is expected to develop before end of day on Thursday. 

Boxed beef is mixed at midday on light to moderate demand for moderate to heavy offerings.  Choice is $.55 higher at $232.60 and Select is $1.10 higher at $220.05.  The Choice/Select spread is $12.55. 

At the Kingsville Livestock Auction in Missouri – receipts are up on the week and the year.  Compared to the last sale, steers and heifers were mostly steady to firm in spots.  However, a few weight ranges for both steers and heifers didn’t hit top-end prices.  Heifers 650 to 700 pounds sold with a lower undertone.  The USDA says demand was good for both calves and yearlings and a moderate to heavy supply of quality cattle was offered.  A few loads of 9-weight steers were offered and sold with a higher undertone this week.  Feeder supply included 55 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 628 pounds brought $165 to $178 and feeder steers 705 to 745 pounds brought $157.50 to $163.50.  Medium and Large 1 feeder heifers 450 to 496 pounds brought $154 to $167 and feeder heifers 611 to 636 pounds brought $141.25 to $155. 

Cash hogs opened steady to firm with moderate negotiated purchase totals.  The market continues its back and forth cycle.  The worry about the ample supply of market-ready hogs is pressuring prices, while the hope that the demand picture will continue to strengthen as China and other parts of Asia battle African Swine Fever pushes prices higher.  China, in particular, has had to turn to other parts of the world to meet its pork and protein needs.  The thought is the US pork sector would likely benefit from the increase in demand.  And all eyes continue to watch trade talks for any positive news to come out of those. Barrows and gilts at the National Daily Direct are $.07 lower with a range of $70 to $80 for a weighted average of $77.31.  Prices at the regional direct markets were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets in Dorchester, Wisconsin and Garnavillo, Iowa are steady at $60.  Prices are $6 higher at $56 in Red Oak, Iowa this week.

At Illinois, slaughter sow prices are firm at $40 to $53 with good demand for moderate to heavy offerings.  Receipts are up on the week and the year.  Barrow and gilt prices were firm at $48 to $56 with moderate demand for moderate offerings. 

Pork values opened higher up $1.89 at $88.42.  Butts, loins, hams, and ribs were higher to sharply higher.  Bellies are firm and picnics are steady.