Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start to the week.  Bids and asking prices have yet to be established.  Showlists are mixed – somewhat higher in Nebraska/Colorado, higher in Kansas, but somewhat lower in Texas.  Significant trade volume will likely be delayed until the latter half of the week.

Boxed beef is mixed at midday with light to moderate demand for moderate offerings.  Choice is $1.77 higher at $318.68 and Select is $.44 lower at $286.72.  The Choice/Select spread is $31.96. 

At the Joplin Regional Stockyards in Missouri, feeder steers under 625 pounds sold from $10 lower to $2 higher.  Heavier weights sold from $3 lower to $6 higher.  Feeder heifers sold steady to $8 lower.  The USDA says supply and demand were both moderate.  Receipts were down on the week and the year.  Feeder supply included 57% steers and 59% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 647 pounds brought $263 to $282 and feeder steers 751 to 794 pounds brought $253.50 to $271.  Medium and Large 1 feeder heifers 551 to 595 pounds brought $248 to $261 and feeder heifers 752 to 790 pounds brought $232 to $240. 

Cash hogs have no comparison at midday with solid negotiated purchases.  Processors appear to be a little more aggressive in their procurement efforts to start the day.  The industry is monitoring closely the availability of market-ready hogs and hog weights.  Supplies are sufficient as processors are keeping the slaughter pace high.  Demand remains paramount – there’s strong demand for U.S. pork on the global market and there’s been some recent strength in domestic demand and that’s good news for prices. Barrows and gilts at the National Daily Direct have a base range of $77.75 to $85 and a weighted average of $82.39; the Iowa/Minnesota had no comparison but a weighted average of $82.91; the Western Corn Belt had no comparison but a weighted average of $82.91.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $63. 

Pork values were lower at midday – down $1.95 at $102.06.  Bellies, loins, and butts were all sharply lower.  Hams were lower.  Ribs and picnics were higher.