Market News

Midday cash livestock markets

Direct cash cattle trade remains quiet this morning with bids really hard to find.  Asking prices have surfaced at $122 live in the South and $195 to $197 dressed in the North.  With the Livestock Slaughter report coming out on Thursday and the On Feed numbers coming out on Friday it is more than likely significant trade volume will hold out as long as possible. Today’s Fed Cattle Exchange was a non-starter with an offering of 422 head and zero head sold, which included a lot out of Texas with a Passed Offer of $119.75. 

Boxed beef opened steady to weak with good demand for moderate offerings.  Choice opened $.14 lower at $205.99 and Select opened $.50 lower at $203.23.  The Choice/Select spread is $2.76. 

At the Russell Livestock Auction in Iowa this week, compared to the prior week steer calves 400 to 600 pounds were steady to $2 higher, 600 to 850-pound steers were mostly $4 to $6 higher.  Heifer calves 400 to 600 pounds were $2 to $6 higher and 600 to 800-pound heifers were mostly steady.  The USDA says trade was active with a very good demand for the large run of cattle.  Receipts of 5,030 were up on the week.  Feeder supply included 59 percent steers and 67 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 653 to 695 pounds brought $152.75 to $164.75 and feeder steers 702 to 745 pounds brought $152.50 to $156.75.  Medium and Large 1 feeder heifers 600 to 643 pounds brought $127 to $146.75 and feeder heifers 651 to 696 pounds brought $128.25 to $140.85. 

Cash hogs opened weak with moderate negotiated purchase numbers.  Hog production remains more than ample as we see record supplies of pork coming online and slaughter runs that have yet to take a breather.  That’s likely to continue through at least the first half of the year.  The industry is still watching the short-term impact of the coronavirus outbreak in China while holding on to long-term expectations of significantly higher demand for US pork on the global market.  If that demand picture starts to all fall into place – it is very likely pork prices will continue to climb. 

Barrows and gilts at the National Daily Direct are $.85 lower with a base range of $45 to $50.34 for a weighted average of $48.79.  Prices at the major regional directs were not reported at midday due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady in Dorchester, Wisconsin and Garnavillo, Iowa at $36 and $34 and lower in Red Oak, Iowa at $33. 

At Illinois, slaughter sow prices were steady with moderate to good demand for heavy offerings at $17 to $26.  Barrow and gilt prices were firm with moderate demand for moderate offerings at $27 to $35. 

Pork values are lower at midday, down $1.72 at $63.28.  Hams were sharply lower.  Bellies and loins were weak to lower.  Butts were steady.  Picnics and ribs were higher.