Market News

Midday cash livestock markets

Direct cash cattle trade activity remains at a standstill.  Bids and asking prices have yet to surface.  Showlists this week are mixed – larger in Kansas and Texas, but lower in Nebraska and Colorado.  It’s likely significant trade volume will be delayed until Midweek or later. 

Boxed beef opened steady to higher on good demand for moderate offerings.  Choice is $.15 higher at $213.74 and Select is $2.59 higher at $213.09.  The Choice/Select spread has narrowed to $.65. 

At the Sioux Falls Regional Cattle Auction in South Dakota, feeder steers under 550 pounds were steady to instances of $5 higher, over 550 pounds were $2 to $5 lower with instances of $8 lower.  Feeder heifers 550 to 600 pounds were steady to $5 lower and heifers over 600 pounds were $2 to $4 lower.  The USDA says demand was best for light fleshed steers under 550 pounds and moderate demand for the heavier weight steers and heifers.  Flesh condition ranged from light and attractive to over-conditioned.  Receipts of 6,146 were up on the week and the year.  Feeder supply included 54 percent steers and 63 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 650 to 698 pounds brought $150 to $157 and feeder steers 750 to 797 pounds brought $138.50 to $150.  Medium and Large 1 feeder heifers 600 to 649 pounds brought $136 to $148 and feeder heifers 651 to 695 pounds brought $131.50 to $132.50. 

Cash hogs opened steady to weak with very large negotiated purchases. The industry continues to keep an eye on the demand situation.  While the inability to control African swine fever could benefit demand for US pork on the global market in the long-term, the concern and fear of the spread of coronavirus could impact overall pork demand in the short-term.  At the same time, supplies of US pork continue to grow adding more pork to an already saturated market.  The mix of current events is making it very difficult for prices to break out of their current trend.

Barrows and gilts at the National Daily Direct opened $.27 lower with a base range of $49 to $56.50 for a weighted average of $53.62; the Iowa/Minnesota opened $.07 lower for a weighted average of $54.22; the Western Corn Belt opened $.04 lower for a weighted average of $54.21; the Eastern Corn Belt had no comparison but a weighted average of $53.04. 

Butcher hogs at the Midwest cash markets are steady at $36 in Dorchester, Wisconsin and $30 in Garnavillo, Iowa.  At Illinois, slaughter sow prices were weak with moderate to good demand for heavy offerings at $13 to $22.  Barrow and gilt prices were firm with moderate to good demand for moderate offerings at $30 to $37. 

Pork values opened steady – down $.12 at $77.14.  Hams opened lower.  Butts and bellies are steady.  Ribs are firm.  Picnics and loins are higher.