Market News

Midday cash livestock markets

Direct cash cattle trade activity is still slow.  There are a few more bids on the table at $105 to $106 live and $170 dressed.  Those remain well below current asking prices of $109 to $110 live and $175 to $178 dressed.  Packer inquiry is expected to improve throughout the day. 

Boxed beef opened firm to higher on moderate demand for moderate offerings.  Choice is $.25 higher at $215.88 and Select opened $1.49 higher at $188.15.  The Choice/Select spread is $27.73. 

At the Farmers & Rancher Livestock Auction in Kansas, receipts were up on the week and the year.  Compared to last week, steers 850 to 1000 pounds were $1 to $3 lower, 700 to 850 pounds were steady to $4 higher, 700 pounds and under had lower undertones noted.  Heifers were comparable to last week’s light test and were mostly steady to $2 higher.  The USDA says both demand and trade activity were moderate.  Feeder supply included 64 percent steers and 90 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 850 to 866 pounds were $149.60 to $151.25 and feeder steers 943 to 946 pounds were $137 to $137.50.  Medium and Large 1 feeder heifers 706 to 749 pounds brought $140 to $144.50 and feeder heifers 800 to 814 pounds brought $131.75 to $133.50. 

Cash hogs opened steady with moderate negotiated purchase numbers.  The industry is watching to see if any positive news comes out of trade talks with China.  Those are set to wrap up today.  Any good news could help boost prices again to finish out the week.  But, the domestic supply picture is keeping prices in check.  Continued record large slaughter runs combined with more than ample supply of ready barrows and gilts adds pressure to prices.  Barrows and gilts at the Iowa/Southern opened $.06 higher for a weighted average of $56.50; the Western Corn Belt opened $.12 higher for a weighted average of $56.48; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.28 higher with a base range of $52 to $59 for a weighted average of $55.86. 

Butcher hog prices at the Midwest cash markets are steady at $36 to $39.  At Illinois, slaughter sow prices were steady at $18 to $30 with moderate to good demand or light offerings.  Receipts were down on the week and up on the year.  Barrow and gilt prices were $1 higher at $34 to $39 with good demand for moderate offerings. 

Pork values are sharply higher at midday – up $2.37 at $79.72.  Today’s jump is driven primarily by the sharply higher belly prices with support from higher butts, picnics, and hams.  Ribs opened lower.   

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