Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Bids have yet to surface.  Asking prices are around $122 plus live in the South and $195 to $197 dressed in the North.  Significant trade volume will likely be delayed until Wednesday or later. 

Boxed beef is lower to sharply lower at midday on light demand for light offerings.  Choice is $.80 lower at $334.67 and Select $4.78 lower at $298.63.  The Choice/Select spread is $36.04. 

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers under 650 pounds were $2 to $4 lower, while weights over 650 pounds were steady to $3 higher.  Feeder heifers under 500 pounds were steady.  The USDA says supply was moderate with good demand.  Receipts were down on the week and the year.  Feeder supply included 59% steers and 56% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 503 to 540 pounds brought $169 to $184 and feeder steers 600 to 647 pounds brought $152 to $162.  Medium and Large 1 feeder heifers 500 to 547 pounds brought $136 to $149 and feeder heifers 600 to 642 pounds brought $132 to $143. 

Cash hogs are sharply higher with solid negotiated numbers.  Processors continue to monitor the availability of market-ready barrows and gilts and were extremely aggressive in their procurement efforts to start the day.  Strong demand for US pork on the global market and domestically has been largely supportive to prices and the industry expects that to continue. Barrows and gilts at the National Daily Direct are up $10.69 with a base range of $110.43 to $136 and a weighted average of $121.38.  The Western Corn Belt has a weighted average of $132.53.  The Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $75.

Pork values are sharply higher – up $3.58 at $132.26.  Hams, butts, ribs, loins were all sharply higher.  Picnics were higher.  Bellies are sharply lower.