Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start again.  Bids have yet to surface.  Asking prices are starting out around $140 plus live in the South, while nothing has been established in the North.  It’s likely the bulk of the week’s business will take place Wednesday or later. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $.87 higher at $264.74 and Select is $1.42 lower at $265.90.  The Choice/Select spread is $9.84. 

At the Joplin Regional Stockyard in Missouri, compared to the previous week’s sale feeder steers were steady to $6 higher and feeder heifers were steady.  The USDA says supply was moderate and demand was good.  Receipts were down on the week, but up on the year.  Feeder supply included 53% steers and 50% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 633 pounds brought $172 to $189 and feeder steers 805 to 849 pounds brought $152 to $161.50.  Medium and Large 1 feeder heifers 401 to 445 pounds brought $170 to $187.50 and feeder heifers 750 to 788 pounds brought $139 to $149. 

Cash hog prices for the major direct markets were not reported at midday due to confidentiality.  There were relatively small negotiated purchases.  Demand for US pork on the global market and domestically has been strong and while that has been helping to provide price support, there are long-term demand concerns adding volatility to prices.  Processors have taken a step back and haven’t been as aggressive in their procurement efforts.  All eyes remain on the availability of market-ready hogs and Wednesday’s Quarterly Hogs and Pigs report.  The five-day rolling average for prices at the National Daily Direct is $105.59; the Iowa/Minnesota is $110.16; the Western Corn Belt is $110.11. 

At Illinois, slaughter sow prices were $1 higher with moderate demand for moderate offerings at $78 to $89.  Barrows and gilts were steady with moderate demand for moderate offerings at $66 to $73.  Boars ranged from $40 to $45 and $20 to $25. 

Pork values are higher at midday – up $2.19 at $109.60.  Bellies are sharply higher.  Picnics, butts, and ribs are all higher.  Loins and hams are lower.