Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids and asking prices have yet to be established.  Showlists this week are mixed – higher in Kansas, somewhat lower in Nebraska, and lower in Texas.  Significant trade volume could hold out until the last part of the week, especially with the Cattle on Feed report coming out Friday.

Boxed beef is higher at midday on good demand for solid offerings.  Choice is $1.17 higher at $313.87 and Select is $2.68 higher at $302.03.  The Choice/Select spread is $11.84.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers ranged from $4 lower to $10 higher.  Feeder heifers were $6 to $12 higher.  The USDA says supply was heavy with very good demand. Receipts were up on the week, but down on the year.  Feeder supply included 50% steers and 59% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 649 pounds brought $272 to $302 and feeder steers 802 to 843 pounds brought $238 to $252.  Medium and Large 1 feeder heifers 600 to 647 pounds brought $241 to $265 and feeder heifers 752 to 798 pounds brought $223 to $240. 

Cash hogs had no comparison at midday with small negotiated purchases. Processors haven’t had to work too hard to move needed numbers even with the strong slaughter pace, which is running 0.5% above year-ago levels.   Demand remains a bright spot for US pork.  It a hot commodity on the global market and with summer grilling season nearly here – there’s been an uptick in domestic demand.  Both are largely supportive to prices.  The availability of market-ready hogs and hog weights are two areas the industry continues to monitor. Barrows and gilts at the National Daily Direct had a base range of $84.50 to $90 and a weighted average of $88.49 and the Western Corn Belt had a weighted average of $88.55.  Prices at the Iowa/Minnesota and 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 steady with moderate demand for light offerings at $35 to $47.  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 $.99 at $100.78.  Loins were sharply lower.  Picnics, bellies, ribs, hams, and butts were higher to sharply higher.

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