Market News

Midday cash livestock markets

Direct cash cattle markets are quiet. Light trade was reported Wednesday at $100 to mostly $101 live, $2 higher than last week’s weighted average for Texas. Aside from a few sales at $160 dressed, the north was quiet, so there’s still some business left to be done this week. Asking prices are $103+ live and $167 to $170 dressed, with a handful of bids at $101 live. The USDA’s Cattle on Feed report is out Friday afternoon. Weekly beef exports of 16,600 tons were down 8% on the week, mainly to South Korea, Mexico, and Japan.

Boxed beef at midday was modestly higher with moderate movement. Choice is up $.17 at $218.41 and Select is $.56 higher at $192.53.

At the Winter Livestock feeder cattle sale in Kansas, compared to the previous week, steers were steady to $3 higher and heifers were mostly steady to $1 higher. The USDA says overall demand was good to very good, the best demand was for weaned calves with a vaccination program, and quality was average to attractive. Feeder receipts of just over 3,000 head were down on the week. Medium and Large 1 feeder steers weighing 700 to 800 pounds were reported at $138.50 to $147.75 and 800 to 900-pound steers sold at $129.60 to $143.10. Medium and Large 1 feeder heifers weighing 600 to 700 pounds brought $137 to $147.75 and 750 to 800-pound heifers ranged from $127.75 to $132.75.

Cash hogs are weak to lower with a moderate negotiated run for the major direct markets. On one hand, buyers continue to hold leverage over the market, but on the other hand, there’s plenty of pork available and wholesale business has been inconsistent. China didn’t buy U.S. pork last week. Weekly sales were 14,200 tons, 35% less than the previous week, mostly to South Korea, Japan, and Mexico. According to reports, China is releasing 10,000 tons of pork from state reserves. South Korea has confirmed a second case of African swine fever near the border with North Korea. Monthly livestock slaughter numbers are out this afternoon at 3 Eastern/2 Central, while Cold Storage numbers are scheduled for Monday afternoon.

Pork at midday was up $.02 at $68.12. Loins were $2.06 higher. All other primal cuts were weak to sharply lower, including a $2.07 loss on ribs and $1.25 decline for bellies.

National direct barrows and gilts opened $.71 lower at $41 to $45.50 with a weighted average of $44.02, Iowa/Southern Minnesota is down $.13 at $44.81, and the Western Corn Belt is $.50 lower at $44.42. The butcher hog market in Dorchester, Wisconsin is down $1 at $30.