Market News

Midday cash livestock markets

Direct cash cattle trade is at a standstill.  The bulk of the week’s business is likely completed following the light to moderate business that’s taken place.  There could be some scattered business to trickle in to finish up the week. Asking prices for cattle left on showlists are around $120 to $125 live and $190 to $195 dressed.

Boxed beef is weak to sharply lower at midday on light demand for moderate offerings.  Choice is $.94 lower at $400.87 and Select is $6.47 lower at $376.06.  The Choice/Select spread is $24.81. 

At the Mitchell Livestock Auction in South Dakota, compared to last week there was an unevenly steady undertone noted on lightweight steers up to 700 pounds.  Steers over 700 pounds were $1 to $4 higher.  There was a higher undertone noted on heifers up to 700 pounds and heifers over 700 pounds were steady to $1 higher.  The USDA says demand was good and there were many load lots in the day’s offering.  Receipts were down slightly on the week, but up on the year.  Feeder supply included 41 percent steers and 94 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 753 to 798 pounds brought $120 to $138 and feeder steers 903 to 939 pounds brought $114.75 to $124.  Medium and Large 1 feeder heifers 861 to 894 pounds brought $110.75 to $115.85 and feeder heifers 907 to 945 pounds brought $107.25 to $112.25. 

Cash hog prices at the major direct markets were not reported at midday due to confidentiality.  Negotiated purchase numbers were on the light side.  The availability of market-ready barrows and gilts remains more than ample.  This is at a time when the supply chain remains under pressure.  While processing numbers have been on the rise, it’s a very delicate balance for packers to increase their daily slaughter totals when shackle space and available labor are limited.  The demand picture still shows some hope as exports of US pork (and beef) are still expected to finish strong in 2020. 

Midwest cash markets are closed today. At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $7 to $20.  Barrow and gilt prices were steady with moderate demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values are steady at midday – down $.03 at $97.82.  Picnics, hams, butts, and bellies are all lower to sharply lower.  Ribs and loins are all sharply higher.