Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Bids and asking prices are expected to firm up over the next couple of days, with widespread business either developing around midweek or waiting until after Friday’s USDA Cattle on Feed report. This week’s showlist is mixed, a little bit larger overall than last week, and next week has a shortened schedule because of Memorial Day. That usually marks the official start of grilling season, but wet weather will continue to be a factor in some areas.

Boxed beef at midday was lower on light to moderate movement. Choice was down $.33 at $221.12 and Select lost $1.08 at $206.95.

At the Tri-State Livestock Auction feeder cattle sale in Nebraska Monday, receipts were up modestly on the week, with steers and heifers steady to $2 higher. The USDA says demand was good on all weights, with 62% of the offering steers and 61% of the weekly run weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 425 to 450 pounds brought $182.50 to $190 and 300 head averaging 940 pounds sold at $127.50. Medium and Large 1 feeder heifers weighing 600 to 660 pounds ranged from $130 to $142 and 129 head averaging 782 pounds were reported at $120 to $126.

Cash hogs are mixed with light to moderate opening negotiated numbers for the major direct markets. Buyers want to improve their flagging margins, while still moving enough numbers to meet expected demand. Domestic demand is good and while China is a question mark, the USMCA would be a big help for the industry, with Mexico a key customer. Improved trade relations with Japan would also aid the export pace. African Swine Fever continues to spread in China, slashing herd size, lowering domestic production, and raising prices.

Pork at midday was up $.32 at $86.85. Ribs jumped $8.63, while loins, picnics, and bellies were firm to higher. Butts and hams were sharply lower.

Iowa/Southern Minnesota direct barrows and gilts opened $.60 higher at $72 to $83 with a weighted average of $82.50 and the Western Corn Belt was up $.21 at $72 to $83 for an average of $82.05, but national direct business was $.28 lower at $72 to $83 with an average of $80.74. Butcher hogs at the Midwest cash markets are $1 lower at $59. Illinois direct sows are $1 to $4 lower at $44 to $62 with light demand for heavy offerings. Barrows and gilts are weak at $50 to $58 on moderate demand and offerings. Boars range from $10 to $30.