Market News

Midday cash livestock markets

There’s a light direct cash cattle trade underway.  Live deals in the South are marked at $140 to $141, $1 to $2 higher than last week’s business.  The North has remained quiet so far.  Asking prices are around $142 live in the South, while the North has yet to be established.  Look for additional business to pick up over the balance of the week. 

Boxed beef is higher at midday on light to moderate demand for light offerings.  Choice is $.04 higher at $271.22 and Select is $.79 higher at $260.25.  The Choice/Select spread is $10.87.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady and feeder heifers were steady to $3 higher.  The USDA says supply was light to moderate with good demand.  Receipts were down on the week and the year.  Feeder supply included 49% steers and 51% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 548 pounds brought $187 to $201 and feeder steers 850 to 862 pounds brought $152 to $152.75.  Medium and Large 1 feeder heifers 501 to 549 pounds brought $159 to $169 and feeder heifers 631 to 647 pounds brought $152 to $163. 

Cash hogs opened sharply higher with solid negotiated purchases.  Processors are getting aggressive in their procurement efforts to start the day in order to move their desired numbers.  The industry is keeping a close eye on the availability of market-ready hogs.  Demand for US pork on the global market and domestically has remained strong, providing price support at the farm level.  However, there are long-term concerns which adds uncertainty to the market. Barrows and gilts at the National Daily Direct are $5.64 higher with a base range of $94 to $110.50 and a weighted average of $99.69.  Prices at the Iowa/Minnesota and the Western Corn Belt had no comparison but weighted averages of $108.04 and $107.81.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $80. 

Pork values are $2.07 higher at $111.56.  Bellies are sharply higher.  Ribs, hams, loins, and butts are higher.  Picnics are lower.