Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a typically quiet start for a Tuesday.  Bids remain elusive. Asking prices are being floated in the South at $192-plus live, but the North has remained quiet.  Significant trade volume will likely be delayed until the latter half of the week.

Boxed beef is lower at midday on light to moderate demand for moderate offerings. Choice is $2.17 lower at $311.97 and Select was $.04 lower at $279.30.  The Choice/Select spread is $32.67.

At the Joplin Regional Stockyards in Missouri, feeder steers ranged from $7 lower to $12 higher with the most support for lighter, high-quality calves.  Feeder heifers were steady to $15 higher with the most gain on 3-weight heifers. The USDA says supply was heavy with very good demand.  A handful of fancy steers weighing 421 pounds brought $425/cwt.  Demand for feeder cattle continues to be at an all-time high.  Receipts are up on the week and the year.  Feeder supply included 64% steers and 65% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 603 to 647 pounds brought $285 to $316 and feeder steers 900 to 929 pounds brought $233.75 to $238.  Medium and Large 1 feeder heifers 650 to 673 pounds brought $251 to $272 and feeder heifers 700 to 736 pounds brought $239 to $265. 

Cash hogs are lower at midday with moderate negotiated purchases.  Processors aren’t starting the day aggressive in their procurement efforts, and are able to move needed numbers without having to bid up.  Demand for U.S. pork on the global remains strong, which has been a bright spot for the market.  But there is ongoing uncertainty about domestic demand strength.   Barrows and gilts at the National Daily Direct are $1.85 lower with a base range of $76 and $83 and a weighted average of $80.58; no comparison at the Western Corn Belt but a weighted average of $80.75; no comparison at the Eastern Corn Belt were $79.73.  Prices at the Iowa/Minnesota were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $52. At Illinois, slaughter sow prices were $2 lower with moderate demand for heavy offerings at $34 to $46.  Barrows and gilts were steady with moderate demand for moderate offerings at $50 to $60.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were lower at midday – down $.89 at $92.74.  Ribs were sharply lower.  Picnics, butts, and hams were lower.  Bellies and loins were up.