Market News

Midday cash livestock markets

It’s another sluggish start for direct cash cattle trade activity.  Bids and asking prices have yet to be established.  With the Thursday holiday – it’s uncertain whether significant trade volume will take place Wednesday or will hold out until Friday. 

Boxed beef is higher at midday on strong demand for moderate offerings.  Choice is $1.79 higher at $330.97 and Select is $1.03 higher at $307.44.  The Choice/Select spread is $23.53. 

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers sold steady to $4 higher.  Feeder heifers ranged from $10 lower to $4 higher.  The USDA says weaned and vaccinated cattle were in much more demand over non-worked cattle.  Supply was moderate with very good demand.  Receipts were down on the week and the year.  Feeder supply included 62% steers and 71% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 648 pounds brought $285 to $315 and feeder steers 913 to 932 pounds brought $237.25 to $252.50.  Medium and Large 1 feeder heifers 551 to 599 pounds brought $269 to $290 and feeder heifers 752 to 797 pounds brought $234 to $243. 

Cash hogs have no comparison, but strong negotiated purchases to start the day.   Processors appear to be more aggressive in their procurement efforts.  It is a holiday-shortened week, so business could be active through midweek. Demand, overall, is a bright spot, as U.S. pork remains extremely competitive on the global market.  But, there is plentiful pork available as supplies of market-ready hogs are ample and hog weights continue to run well above year-ago levels. 

Barrows and gilts at the National Daily Direct have no comparison but a base range of $85 to $93 and a weighted average of $89.93; the Iowa/Minnesota and the Western Corn Belt had no comparison but weighted averages of $89.66.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate to heavy offerings at $61 to $73.  Barrows and gilts were steady with moderate demand for moderate offerings at $52 to $62.  Boars ranged from $18 to $28 and $8 to $15. 

Pork values were about steady – up $.02 at $95.43.  Ham, loins, and picnics were higher.  Butts, bellies, and ribs were lower to sharply lower.