Market News

Midday cash livestock markets

Direct cash cattle trade activity has been typically quiet for a Tuesday.  Asking prices have started to surface around $187-plus live in the South, while nothing has been established in the North.  Bids remain elusive.  Significant trade volume isn’t expected until sometime Thursday or Friday. 

Boxed beef was mixed at midday with light to moderate demand for solid offerings.  Choice is $1.23 higher at $308.51 and Select was $.93 lower at $274.52.  The Choice/Select spread is $33.99. 

At the Joplin Regional Stockyards in Missouri, feeder steers sold from $5 lower to $7 higher.  Feeder heifers were steady to $7 lower.  The USDA says supply was heavy with good demand.  Receipts were up on the week, but down on the year.  Feeder supply included 62% steers and 64% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 604 to 646 pounds brought $258 to $283 and feeder steers 705 to 747 pounds brought $255 to $274.75.  Medium and Large 1 feeder heifers 652 to 698 pounds brought $238 to $251 and feeder heifers 751 to 789 pounds brought $231.50 to $239.50. 

Cash hogs are lower at midday with moderate negotiated purchases.  The cash hog market has been in a very specific pattern recently.  It’s slow to get going and slow to finish with a couple of very solid days of business at better prices sandwiched in the middle.  Demand for U.S. pork on the global market has been strong, which continues to provide support to the market.  The industry continues to monitor the availability of market-ready hogs, as there is concern supplies may not be as ample as initially thought.  There’s also some lingering concern about the inconsistency in domestic demand.

Barrows and gilts at the National Daily Direct are $1.12 lower with a base range of $80 to $84.50 and a weighted average of $82.  No comparison at the Iowa/Minnesota or the Western Corn Belt, but a weighted average of $82.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $60. 

At Illinois, slaughter sow prices were lower, down $1 with moderate demand for heavy offerings at $50 to $61.  Barrows and gilts were steady with moderate demand for moderate offerings at $47 to $57.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were lower at midday – down $2.34 at $94.73.  Bellies, loins, and picnics were all sharply lower.  Butts were weak.  Hams were firm and ribs were sharply higher.