Market News

Midday cash livestock markets

Direct cash cattle trade activity is still fairly quiet.  There are a few scattered bids on the table on the table in parts of Nebraska at $187.  The rest of cattle country remains quiet.  Asking prices have been reported in the North at $190 plus, but have yet to surface in other areas.  It’s likely significant trade volume will be delayed until the latter half of the week. 

Boxed beef is steady to weak at midday on moderate demand for moderate offerings.  Choice is $.20 higher at $207.27 and Select is $.52 lower at $201.85.  The Choice/Select spread is $5.42. 

At the Callaway Livestock Center in Missouri, compared to last week steer calves weighing 450 to 500 pounds were steady to spots of $3 lower with a light test of 500 to 550 pounds were mostly $5 to $10 lower on comparable sales, 550 to 600-pound steers were $2 to $5 lower, 600 to 750-pound steers were lightly tested with last week with a steady to firm undertone on a nice offering. Feeder heifers 400 to 550 pounds were mostly steady and heifers over 550 pounds were $4 to $8 lower.  The USDA says demand was moderate to good with a heavy supply.  There was a very nice offering of top-quality mostly black steers weighing 600 to 650 pounds sold with the best demand.  Receipts of 3,064 were up on the week and the year.  Feeder supply included 59 percent steers and 64 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 602 to 649 pounds brought $157 to $167.50 and feeder steers 681 to 798 pounds brought $149.50 to $150.50.  Medium and Large 1 feeder heifers 555 to 580 pounds brought $135 to $144.50 and feeder heifers 714 pounds brought $125.75.

Cash hogs opened mixed with moderate negotiated numbers.  The market continues to struggle to find direction as the supply and demand picture remains volatile. Supplies are heavy and that will likely continue to grow, especially with the amount of available market-ready hogs and slaughter totals that aren’t slowing.  At the same time, the demand picture is uncertain.  While domestic demand remains solid, global demand isn’t as stable.  The market is unsure how much impact the coronavirus outbreak has had on global demand.  And with strong competition for market share in China from Brazil, it could weaken US pork’s leverage on the global market.  Barrows and gilts at the National Daily Direct opened $.92 higher with a base range of $45 to $51 for a weighted average of $49.63; the Iowa/Minnesota is $.03 lower for a weighted average of $49.49; the Western Corn Belt is $.10 lower for a weighted average of $48.39.  The Eastern Corn Belt was not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $17 to $26.  Barrow and gilt prices were steady at $27 to $35 with moderate demand for moderate offerings.  Boras range from $5 to $13. 

Pork values opened weak, down $.44 at $65.88.  Bellies, butts, loins, hams, and ribs are weak to lower.  Picnics were higher.