Market News

Midday cash livestock markets

Direct cash cattle trade activity is underway.  A few sales have been reported in Iowa, but details are limited.  Showlists for the week appear to be steady to somewhat lower in Texas and Kansas, but slightly higher in Nebraska.  Look for the bulk of the week’s business to take place before the Thanksgiving holiday.

Boxed beef is sharply higher at midday on good demand for solid offerings.  Choice is $3.85 higher at $313.56 and Select is $4.37 higher at $278.11.  The Choice/Select spread is $35.45. 

At the Joplin Regional Stockyards in Missouri, feeder steers were $5 to $20 higher with light five weights up to $25 higher.  Feeder heifers were $5 to $20 higher with heavy five weights selling up to $30 higher.  The USDA says supply was heavy with very good demand.  The auction included a yearling special with several thousands of cattle.  Receipts were up on the week and the year.  Feeder supply included 67% steers and 82% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 800 to 849 pounds brought $253 to $277 and feeder steers 851 to 897 pounds brought $244 to $268.50.  Medium and Large 1 feeder heifers 650 to 696 pounds brought $244 to $271.50 and feeder heifers 700 to 735 pounds brought $243 to $265. 

Cash hogs have no comparison at midday with solid negotiated purchases.  Processors appear to be more aggressive in their procurement efforts in an attempt to get business wrapped up sooner rather than later.  Demand for U.S. pork on the global market has been strong, which has been helping provide some price support.  But domestic demand hasn’t been great, which creates added uncertainty in the markets. Barrows and gilts at the National Daily Direct had no comparison but a base range of $77 to $88 and a weighted average of $87.69.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $53. At Illinois, slaughter sows were steady with moderate demand for heavy offerings at $44 to $56.  Barrows and gilts were steady with moderate demand for moderate offerings at $48 to $58.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were lower at midday – down $1.54 at $91.79.  Bellies, ribs, loins, and butts were all lower.  Hams and picnics were higher.