Market News

Midday cash livestock markets

Another quiet start for direct cash cattle business.  Bids and asking prices have yet to surface.  Showlists this week are mixed – somewhat higher in Texas, but lower in Kansas, Nebraska, and Colorado. It’s likely significant trade volume is going to hold out until sometime midweek or later. 

Boxed beef was mixed at midday on light to moderate demand for moderate offerings.  Choice was $2.68 higher at $293.11 and Select was $.81 lower at $258.73.  The Choice/Select spread is $34.38. 

At the Joplin Regional Stockyards in Missouri, feeder steers under 650 pounds were $4 to $6 higher and heavier weights were $2 to $4 lower.  Feeder heifers were steady to $3 higher.  The UDSA says supply was heavy with good demand.  Receipts were up on the week and the year.  Feeder supply included 65% steers and 66% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 756 to 793 pounds brought $213 to $221.50 and feeder steers 800 to 849 pounds brought $211.75 to $219.  Medium and Large 1 feeder heifers 500 to 547 pounds brought $210 to $240 and feeder heifers 604 to 646 pounds brought $210 to $216.75. 

Cash hogs have no comparison at midday with fairly light negotiated purchases.  Ample supplies of market-ready hogs give packers even more leverage, allowing them to move needed numbers without having to get aggressive in their procurement efforts.  Demand for US pork on the global market has been relatively strong, but is still running below the levels of recent years.  And long-term demand concerns continue. Barrows and gilts at the National Daily Direct had no comparison but a base range of $44 to $52 and a weighted average of $49.90; the Iowa/Minnesota had a weighted average of $50.36; the Western Corn Belt had a weighted average of $50.25.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady following Monday’s sharp decline at $45. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $34 to $46.  Barrows and gilts were $2 lower with moderate demand for moderate offerings at $31 to $41.  Boars ranged from $10 to $20 and $5 to $10. 

Pork values are lower at midday – down $.97 at $85.65.  Bellies were sharply lower.  Loins, hams, and ribs were lower.  Butts and picnics were higher.