Market News

Midday cash livestock markets

Cash cattle country is off to yet another quiet start on Wednesday. Asking prices are around $184 to $185 in the South, but not fully established in the North. Bids remain very elusive at this time. While some packer inquiry may start to develop today, it’s looking like significant trade volume will be delayed until Thursday or Friday.

Boxed beef cutout values were mixed at midday with Choice up $.84 at $298.21 and Select down $2.50 at $285.32. The Choice/Select spread was $12.89.

At the Joplin Regional Stockyards in Missouri, feeder steers sold steady to $10 higher compared to the most recent sale. Feeder heifers were $3 to $15 higher. USDA says supply was heavy with very good demand. A large crowd was on-hand despite the President’s Day holiday. Feeder supply included 55% steers and 65% of the offering was over 600 pounds. Medium and Large 1 feeder steers 552 to 598 pounds brought $292 to $326 and feeder steers 701 to 743 pounds sold for $243 to $266. Medium and Large 1 feeder heifers 600 to 649 pounds sold for $239 to $273 and feeder heifers 701 to 743 pounds brought $227 to $248.25.

Cash hogs are steady with moderate opening negotiated numbers for the major direct markets. Those major direct markets might not have been reported due to confidentiality, but the improved negotiated sales imply buyers needed near-term supplies to keep chain speed at an acceptable level. Livestock slaughter numbers for January are out Thursday afternoon. The average barrow and gilt weight in the Iowa/Southern Minnesota/South Dakota reporting area last week was 288 pounds, down seven tenths on the week, but up 2 pounds on the year.

Barrows and gilts at the National Daily Direct were steady with a base range of $65 to $73.50 and weighted average price of $72.48. The Iowa/Minnesota, Western Corn Belt, and Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are trending steady at $50; slaughter sows are steady at $39 to $42; boars are $14. At Illinois slaughter sow prices were steady at $38 to $50; barrows are gilts were steady at $37 to $47; boars were marked at $8 to $25.

Pork values were lower at midday – down $1.45 at $90.99.

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