Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet.  There are just a handful of bids being floated this morning at $100 live.  Asking prices are just starting to surface at $168 to $170 dressed in the North.  Showlists this week are mixed, somewhat higher in Nebraska and Colorado, somewhat lower in Texas, and lower in Kansas.  Significant trade volume isn’t like to develop until midweek or later. 

Boxed beef opened weak with light demand for moderate offerings.  Choice is $.63 lower at $226.32 and Select is $.28 lower at $201.64.  The Choice/Select spread is $24.68. 

At the Joplin Regional Stockyards in Missouri, receipts are up on the week and almost steady on the year.  Compared to two weeks ago, steers and heifers were $3 to $8 lower.  The USDA says demand and supply were both moderate.  Feeder cattle prices continue to be under pressure.  Feeder supply included 52 percent steers and 55 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 710 to 748 pounds brought $136 to $150 and feeder steers 820 to 841 pounds brought $125.50 to $132.50.  Medium and Large 1 feeder heifers 511 to 548 pounds brought $124 to $135 and feeder heifers 700 to 736 pounds brought $123 to $132. 

Cash hogs opened lower with fairly solid negotiated purchase numbers.  The market remains under pressure as the supply and demand picture is uncertain.  There is still hope demand will increase for US pork on the global market but that hasn’t happened yet.  With heavy supplies of ready barrows and gilt combined with the large slaughter runs – there is a lot more pork being added to a heavily saturated market.  Trade talks with China are planned for October but nothing is set in stone and until that happens – there’s not much, aside from a big increase in demand for US pork that will turn prices around right now. Barrows and gilts at the Iowa/Southern Minnesota opened $1 lower for a weighted average price of $49.67; the Western Corn Belt opened $.95 lower for a weighted average of $49.68; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $1.36 lower with a base range of $45 to $50.50 for a weighted average of $49.29. 

Pork values are higher at midday – up $1.25 at $73.16.  Ribs and bellies are sharply higher.  Hams and loins are higher.  Butts are steady.  Picnics are lower.