Market News

Midday cash livestock markets

Direct cash cattle trade is quiet as bids have not yet been established.  Some asking prices have been stated at $114 live.  The showlists this week are mostly higher in Texas, Kansas, and Nebraska, but lower in Colorado.  Significant trade volume isn’t expected to develop until the last half of the week.

At the close at the Joplin Regional Stockyards in Missouri, receipts are down on the week and the year.  Compared to last week, steer and heifer calves are steady to $4 higher and yearlings $3 to $5 higher.  The USDA says demand was good, supply was moderate.  Feeder supply included 42 percent steers and 36 percent of the offering was over 600 pounds.  Medium and Large1 feeder steers 500 to 600 pounds brought $160.50 to $180 and feeder steers 600 to 700 pounds brought $157 to $169.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $150 to $163 and feeder heifers 600 to 700 pounds brought $151 to $160.

Boxed beef cutout values are steady at midday on moderate demand and offerings.  Choice down $.07 at $205.97 and Select up $.23 at $197.61.

Cash hogs opened steady with solid negotiated purchase totals.  Plants shut down last week in advance of Hurricane Florence.   While reports have said that plants are operational, they are expected to run at a reduced speed until some of the major flooding recedes.  However, a slower slaughter pace now will likely come back to haunt producers as heavier weights will flood an already saturated market with more meat – ultimately driving prices lower.  The industry also continues to watch the spread of African Swine Fever in China.

Barrows and gilts at the Iowa/Southern Minnesota opened $.60 higher with a range of $44 to $55 for a weighted average of $52.43; the Western Corn Belt opened $.67 higher with a range of $44 to $55 for a weighted average of $52.36; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.77 higher with a range of $44 to $55 for a weighted average of $51.55.

Butcher hogs at the Midwest cash markets are steady at $32.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are $1 lower at $16 to $28 with light to moderate demand for moderate offerings.  Barrows and gilts are $1 lower at $26 to $35 with moderate demand for moderate offerings.

Pork cutout values are steady at midday – up $.27 at $76.29.  The primals are mostly higher, led by the bellies.  The butts, loins, and hams are firm.  Picnics and ribs are lower.