Market News
Midday cash livestock markets
Direct cash cattle trade activity remains quiet at midday. Bids haven’t surfaced, but asking prices in the South are starting out around $186 to $187 live. Showlists this week are mixed, higher in Texas, lower in Nebraska and Colorado, sharply lower in Kansas. There were a handful of deals reported in the North on Monday, but nothing near enough to establish an accurate price trend. Look for more business to develop as the week progresses.
Boxed beef is higher at midday on solid demand for moderate offerings. Choice is $1.60 higher at $300.36 and Select is $3.16 higher at $292.91. The Choice/Select spread is $7.45.
At the Joplin Regional Stockyards in Missouri, feeder steers sold from $6 lower to $5 higher. Feeder heifers were steady to $8 lower. The USDA says supply was moderate with good demand. There were more plain-type cattle offered this week. Receipts were up on the week, but down on the year. Feeder supply included 56% steers and 58% of the offering was over 600 pounds. Medium and Large 1 feeder steers 807 to 840 pounds brought $237 to $247 and feeder steers 850 to 888 pounds brought $226 to $233. Medium and Large 1 feeder heifers 503 to 548 pounds brought $270 to $310 and feeder heifers 711 to 738 pounds brought $224 to $239.
Cash hogs are higher at midday with solid negotiated purchases. There continues to be an uptick in slaughter pace keeping packers more aggressive in their procurement efforts. That typically will push prices higher. Demand continues to be a bright spot as US pork is in high demand on the global market and domestic demand has seen a post recently with summer grilling season just around the corner. Both provide price support. The industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct have a base range of $86 to $95 and a weighted average of $94.18; no comparison at the Iowa/Minnesota but a weighted average of $94.17; the Western Corn Belt has a weighted average of $94.28. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets were steady at $50. At Illinois, slaughter sow prices were $1 lower with moderate demand for moderate to heavy offerings at $36 to $48. Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61. Boars ranged from $18 to $28 and $8 to $15.
Pork values were lower at midday – down $1.96 at $97.54. Bellies dropped nearly $8 to start the day. Loins were also lower. Hams and picnics were about steady, while butts and ribs were sharply higher.
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