Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Bids and asking prices have yet to surface.  Showlists this week are mixed — higher in Texas, but lower in Kansas and Nebraska/Colorado.  Significant trade volume will likely be delayed until midweek or later.

Boxed beef is mixed at midday with light to moderate demand for solid offerings. Choice is $.89 lower at $303.68 and Select is $.35 higher at $292.49.  The Choice/Select spread is $11.19.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers under 650 pounds were steady to $8 lower, while heavier weights sold $2 to $6 higher.  Feeder heifers were steady to $5 higher.  The USDA says supply was heavy with very good demand.  Receipts were down on the week, but up on the year.  Feeder supply included 63% steer and 68% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 704 to 744 pounds brought $244 to $264 and feeder steers 851 to 896 pounds brought $228 to $238.  Medium and Large 1 feeder heifers 550 to 592 pounds brought $241 to $260 and feeder heifers 802 to 842 pounds brought $218 to $225.75. 

Cash hogs are higher at midday with strong negotiated purchases.  Business had a solid start to the week and that momentum has continued into today.  Processors have been more aggressive in their procurement efforts and are bidding up to move needed numbers.  Demand for U.S. pork on the global market continues to be a bright spot, providing significant price support.  Long-term concerns about domestic demand are lingering. Pork supplies are plentiful, and the industry continues to monitor the availability of market-ready hogs and hog weights. Barrows and gilts at the National Daily Direct are $1.74 higher with a base range of 475 to $78 and a weighted average of $75.74; no comparison at the Iowa/Minnesota or the Western Corn Belt but a weighted average of $76.74.  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 steady with moderate demand for moderate offerings at $53 to $65.  Barrows and gilts were steady with moderate demand for moderate offerings at $45 to $55.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were weak at midday – down $.27 at $93.95.  Ribs, butts, loins, and hams were lower.  Picnics and bellies were higher.