National Ag News

Direct cash cattle trade is quiet.  A few bids have started to surface at $195 dressed.  Asking prices aren’t established just yet.  This week’s showlists are mostly lower – but steady in Kansas and just slightly smaller in Nebraska.  It’s likely significant trade volume will be delayed until the latter half of the week. 

Boxed beef opened steady to weak with light demand for
moderate to heavy offerings.  Choice is
$.98 lower at $226.02 and Select is $.06 lower at $213.92.  The Choice/Select spread is $12.10. 

At the close, at the Joplin Regional Stockyards in Missouri,
receipts are down on the week and the year. 
Compared to last week steers and heifers are $3 to $7 lower.  The USDA says demand and supply were light to
moderate.  Feeder supply included 48
percent steers and 28 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 453 to 495
pounds brought $160 to $175 and feeder steers 619 to 647 pounds brought $154 to
$170.  Medium and Large 1 feeder heifers
471 to 499 pounds brought $157 to $162 and feeder heifers 552 to 598 pounds
brought $152 to $167. 

Cash hogs opened weak with very large negotiated purchase
totals.  The supply of ready barrows and
gilts is ample and packers didn’t have to bid up today in order to move desired
numbers.  The China situation is still a conundrum
for the market.  The potential is there
for increased demand for US pork as their struggle with African Swine Fever is
ongoing.  But, President Trump has
threatened to increase tariffs on Chinese goods, which means retaliatory tariffs
on US goods, including pork, will likely be implemented.  So even if China does turn to the US for pork
to meet their protein needs – prices in the US will need to drop to compensate
for increased tariffs.  Barrows and gilts at the Iowa/Southern Minnesota opened $.42
lower with a range of $72 to $81 for a weighted average of $79.95; the Western
Corn Belt opened $.31 lower with a range of $72 to $81.50 for a weighted average
of $79.75; the Eastern Corn Belt was not reported due to confidentiality; and the
National Daily Direct opened $.30 lower with a range of $72 to $81.50 for a
weighted average of $79.04. 

Butcher hog prices at the Midwest cash markets are steady at
$60. 

Pork values opened sharply
higher – up $3.33 at $86.12.  Ribs jumped
$8.82 and Bellies were up $5.46.  Hams,
loins, and butts were all sharply higher. 
Picnics were unchanged. 

Continue reading Midday cash livestock markets at Brownfield Ag News.