Market News
Midday cash livestock markets
Direct cash cattle trade is at a standstill with bids and asking prices not fully established. However, there have been a few scattered asking prices reported in parts of Texas at $122. We could see more develop throughout the day, but significant trade volume will likely be delayed until midweek or later.
Boxed beef opened weak to lower on moderate demand for moderate offerings. Choice is $.86 lower at $206.40 and Select is $1.60 lower at $204.58. The Choice/Select spread is $1.82.
At the Oklahoma National Stockyards, compared to last week feeder steers 600 to 800 pounds were $5 to $9 higher with heavier weights mostly steady to $1 higher. Feeder heifers were $2 to $6 higher. Steer and heifer calves were $5 to $10 higher. The USDA says demand was good to very good, especially for thinner-fleshed calves headed to graze. Quality was average to attractive and bidding was active. Receipts of 8,740 head were up on the week and down on the year. Feeder supply included 59 percent steers and 53 percent of the offering was over 600 pounds. Medium and Large 1 feeder steers 502 to 549 pounds brought $173 to $193 and feeder steers 758 to 798 pounds brought $135 to $147. Medium and Large 1 feeder heifers 600 to 648 pounds brought $133 to $144.25 and feeder heifers 651 to 696 pounds brought $127 to $138.
Cash hogs opened sharply higher with solid negotiated numbers. The market continues to monitor the supply and demand situation. The industry remains optimistic about the long-term demand strength from the Phase One trade deal with China and that’s helping to keep prices supported. But, China continues to battle the coronavirus, and the demand impact is unknown creating additional volatility and uncertainty to the market. At the same time, supplies remain more than ample and with heavier weights, increased production, and big kill numbers – there is more pork being added to an already saturated market. Barrows and gilts at the National Daily Direct opened $2.46 higher with a base range of $45 to $53 for a weighted average of $50.46; the Iowa/Minnesota opened $2.63 higher for a weighted average of $50.67; the Western Corn Belt opened $2.52 higher for a weighted average of $50.56. The Eastern Corn Belt was not reported due to confidentiality.
Butcher hog prices at the Midwest cash market are steady at $34 and $36.
At Illinois, slaughter sow prices were $1 to $3 higher with moderate to good demand for heavy offerings at $17 to $26. Barrow and gilt prices were steady with moderate demand for moderate offerings at $27 to $35. Boars range from $5 to $18.
Pork values opened higher – up $2.13 at $64.99. Hams, bellies, and loins are all higher at midday. Ribs are steady. Picnics and butts are weak to lower.
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