Market News
Midday cash livestock markets
Direct cash cattle trade activity is quiet to start the day. Bids have yet to surface. Asking prices have been floated in the South at $193 to $195 live, the North has remained quiet. Significant trade volume will likely be delayed until the latter half of the week, especially with Friday’s Cattle on Feed report from the USDA.
Boxed beef is mixed at midday with light to moderate demand for moderate offerings. Choice is $.43 higher at $317.80 and Select is $.53 lower at $289.04. The Choice/Select spread is $28.76.
At the Joplin Regional Stockyards in Missouri, feeder steers sold unevenly, from $6 lower to $10 higher. Feeder heifers sold from $7 lower to $5 higher. The USDA says quality this week declined from the previous weeks. Supply was moderate with moderate demand. There were a handful of steers, weighing 421 pounds, that sold for $405. Receipts were down on the week and the year. Feeder supply included 65% steers, and 60% of the offering was over 600 pounds. Medium and Large 1 feeder steers 600 to 646 pounds brought $285 to $313 and feeder steers 800 to 840 pounds brought $252 to $261.50. Medium and Large 1 feeder heifers 505 to 546 pounds brought $270 to $295 and feeder heifers 600 to 649 pounds brought $261 to $270.
Cash hogs are lower at midday with just a handful of negotiated purchases. Processors are slow to get business underway after Monday’s solid start to the week. The industry is looking ahead to next week’s Quarterly Hogs and Pigs report to get a better feel of the supply situation. Demand for U.S. pork on the global market continues to be strong, which is helping provide some price support. But there are long-term concerns around the inconsistency in domestic demand. Barrows and gilts at the National Daily Direct were $.90 lower with a base range of $72 to $80 and a weighted average of $78.84. Prices at the Regional Direct Markets 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 $32 to $44. 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 $.64 at $94.63. Hams and butts were sharply lower. Loins were lower. Picnics, bellies, and ribs were all higher.
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