Market News

Midday cash livestock markets

Direct cash cattle trade has been quiet through the midday.  Bids and asking prices are not fully established, although there has been a starter bid floated in Nebraska at $185.  The trend of recent weeks has been for business to develop early in the week and wrap up before Friday.  Look for that pattern to continue. 

Boxed beef is steady to firm at midday on moderate demand for moderate offerings.  Choice is $.76 higher at $222.42 and Select is $.12 lower at $208.67.  The Choice/Select spread is $13.75. 

At the close, at the Joplin Regional Stockyards, receipts are down on the week and the year.  Compared to the most recent sale, feeder steers under 500 pounds were steady to $4 higher and steers over 500 pounds were unevenly steady.  Feeder heifers under 600 pounds were steady to $3 lower and heifers over 600 pounds were steady to $3 higher.  Demand was moderate to good and supply was moderate.  Feeder supply was 48 percent steers and 55 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 553 to 599 pounds brought $148 to $166 and feeder steers 650 to 692 pounds brought $134 to $146.  Medium and Large 1 feeder heifers 607 to 647 pounds brought $125 to $140.50 and feeder heifers 663 to 695 pounds brought $133 to $135.50. 

Cash hogs opened firm with moderate negotiated purchase totals.  Supply and demand remain the big picture.  But the market focus is shifting to the potential demand increase as there’s been progress on trade and tariff issues with Mexico.  China remains the greatest unknown as the progress in trade talks has been limited.  However, African Swine Fever continues to spread putting strains on China’s pork supply.  The trade is still expecting to see an increase in demand for US pork on the global market as China works to meet its demand needs.  Barrows and gilts at the National Daily Direct are $.89 higher with a base range of $67 to $77 for a weighted average of $75.59.  Prices major direct markets were not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $55 and $50.  At Illinois, slaughter sow prices were $1 to $4 lower at $26 to $40 with light demand for heavy offerings.  Barrow and gilt prices were $1 to $3 lower at $47 to $51 with moderate demand for moderate offerings. 

Pork values opened higher – up $1.46 at $84.06.  Bellies jumped $7.02 at $114.39.  Butts, ribs, and picnics are higher.  Loins and hams are steady.