Market News

Midday cash livestock markets

A light to moderate direct cash cattle trade has developed in parts of the South.  Deals in Kansas and Texas are at $117 live, $3 lower than last week’s weighted averages. There are just a few scattered bids floated in parts of Nebraska at $185 to $186 dressed.  Asking prices are at $120-plus live and $196-plus dressed.  Look for more trade to develop throughout the day and the balance of the week.  Today’s Fed Cattle Exchange had an offering of 376 head, with 280 sold for 1 to 9-day delivery for a weighted average price of $117. 

Boxed beef opened mixed – firm on Choice and weak on Select with moderate demand for moderate offerings.  Choice is $.41 higher at $220.53 and Select is $.50 lower at $208.47.  The Choice/Select spread is $12.06. 

At the Interstate Regional Stockyards in Missouri, receipts are down on the week.  Compared to last week, feeder steers were steady to $2 lower.  Feeder heifers were $2 to $4 lower.  The USDA says demand was moderate to good and supply was moderate.  There were several consignment of high-quality fall calves on offer.  Feeder supply included 59 percent steers and 31 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 595 pounds brought $154 to $170 and feeder steers 602 to 639 pounds brought $140 to $153.50.  Medium and Large 1 feeder heifers 500 to 429 pounds brought $141 to $151.50 and feeder heifers 625 to 647 pounds brought $131 to $134. 

Cash hogs opened steady to firm with moderate negotiated purchase totals.  The cash hog market is stuck between two very different scenarios.  The available supply of ready barrows and gilts is ample and with the large slaughter runs, more pork is being added to a market that is already saturated.  Hogs weights were up slightly on the week and the year to 286.1 pounds.  That’s 0.3 higher than last week and 0.8 more than a year ago.  However, there is optimism about the potential for increasing global demand for US pork.  China continues to struggle with African Swine Fever and the market remains hopeful the demand for US will increase as China has to turn elsewhere to meet its pork and protein needs – despite the continued uncertainty surrounding trade talks.  Barrows and gilts at the Iowa/Southern Minnesota opened $.61 higher with a range of $72 to $85 for a weighted average of $83.03; the Western Corn Belt opened $.64 higher with a range of $72 to $85 for a weighted average of $83.03; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.14 lower with a range of $72 to $85 for a weighted average of $81.87. 

Butcher hog prices at the Midwest cash markets are $2 lower at $57.  At Illinois, slaughter sow prices are steady to $1 lower at $50 to $64 with good demand for moderate offerings.  Receipts are down on the week and the year.  Barrow and gilt prices are $1 higher at $52 to $58 with good demand for moderate offerings. 

Pork values opened higher – up $1.28 at $89.92.  Bellies jumped $12.25 this morning.  The rest of the primals were steady to sharply lower.