Market News

Midday cash livestock markets

It’s been another quiet start for direct cash cattle trade activity. Bids and asking prices have yet to be established, and it’s likely that significant trade volume will be delayed until the back half of the week. 

Boxed beef is higher with solid demand for moderate offerings.  Choice is $2.34 higher at $301.01 and Select is $2.87 higher at $289.45.  The Choice/Select spread is $11.56.

At the Joplin Regional Stockyards in Missouri, feeder steers were $8 to $20 higher.  Feeder heifers were $5 to $20 higher.  The USDA says supply was moderate with very good demand.  Receipts were down from two weeks ago and up on the year.  Feeder supply included 58% steers and 68% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 653 to 699 pounds brought $237 to $250 and feeder steers 854 to 899 pounds brought $211 to $224.  Medium and Large 1 feeder heifers 601 to 643 pounds brought $217 to $237 and feeder heifers 650 to 698 pounds brought $215 to $237.

Cash hogs are higher at midday with solid negotiated purchases.   After a slow start to the week, buyers are a little more aggressive in their procurement efforts and are bidding up to move needed numbers.  Demand for US pork on the global market remains strong, and that’s been supportive of prices.  But there are some challenges, too.  Domestic demand has struggled compared to recent years, supplies of market-ready hogs are ample, and hog weights have been rising well above year-ago levels.  All factors that add pressure to prices. Barrows and gilts at the National Daily Direct are $1.18 higher with a base range of $44 to $52 and a weighted average of $47.41; the Iowa/Minnesota is $1.21 higher with a weighted average of $47.44; the Western Corn Belt is $1.21 higher with a weighted average of $47.44.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at $39. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $23 to $35.  Barrows and gilts were steady with moderate demand for moderate offerings at $24 to $34.  Boars ranged from $10 to $20 and $5 to $10.

Pork values were lower at midday – down $.42 at $89.75.  Bellies and butts were both lower.  Loins, hams, picnics, and ribs were all higher.