Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting to show some improvement.  Bids have surfaced in Nebraska at $173.  Asking prices are at $115 plus live in the South and $183 to $185 dressed in the North.  Some business could develop as the day progresses, but it’s likely the bulk of the week’s trade will take place on Thursday and Friday.  Today’s Fed Cattle Exchange hand an offering of 1,570 head with 1,128 head sold with prices ranged from $112.75 to $113. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $.73 higher at $229.79 and Select is $1.44 higher at $218.77.  The Choice/Select spread is $11.02. 

At the Philip Livestock Auction in South Dakota, compared to last week feeder steers 450 to 600 pounds steady to $2 lower, 650 to 750 pounds were steady, and 750 pounds were not well tested.  Feeder heifers 400 to 450 pounds were $2 lower, 450 to 550 pounds were steady to $2 higher, 550 to 600 pounds were steady, and 600 to 700 pounds were $2 to $4 lower.  Receipts were up on the week.  Feeder supply included 59 percent steers and 79 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 744 pounds brought $134 to $142.50 and feeder steers 755 to 779 pounds brought $135.50 to $141.50.  Medium and Large 1 feeder heifers 553 to 589 pounds brought $146.50 to $155 and feeder heifers 809 to 848 pounds brought $124.50 to $126.50. 

Cash hogs are steady at midday with moderate negotiated purchases.  The industry continues to monitor supply and demand.  The availability of market-ready barrows and gilts is more than ample, and processors continue to push daily slaughter totals higher.  That’s keeping supply chains moving, but it’s also adding more pork to an already saturated market.  Demand has been strong, but there is concern strength in both domestic and global markets could wain as the impacts of the coronavirus pandemic continue.  Barrows and gilts at the National Daily Direct had no comparison the base range is $51 to $58.60 and a weighted average of $55.86.  The Iowa/Minnesota had no comparison but a weighted average of $55.67 and the Western Corn Belt had no comparison but a weighted average of $55.66.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $40. At Illinois, slaughter sow prices were $2 higher with good demand for heavy offerings at $34 to $46.  Barrow and gilt prices were firm with good demand for moderate to heavy offerings at $34 to $39.  Boars ranged from $15 to $20 and $5 to $10. 

Pork values are sharply higher at midday – up $2.70 at $83.64.  Hams, bellies, and ribs are all sharply higher.  Picnics are weak and loins and butts are sharply lower. 

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