Market News
Midday cash livestock markets
Direct cattle markets are quiet. Asking prices are $195+ on the live basis with nothing yet for the dressed basis and no reported bids. Widespread trade is unlikely to get underway until Thursday or Friday. This week’s show list looks mixed, larger in Colorado, Kansas, and Nebraska, smaller in Texas. Expectations are for another round of higher business this week, propelled by solid beef demand and buyers not wanting to get caught short of supplies.
Boxed beef at midday was lower with light movement. Choice was down $.51 at $324.86 and Select beef was $.48 lower at $294.28 for a spread of $30.58.
At the close for the Joplin Regional Stockyards in Missouri, compared to the previous test, feeder steers were $2 to $7 higher, while feeder heifers were down $2 to up $10. The USDA says the supply was heavy with very good demand and a special yearling sale was included in the auction. Receipts were up from both the last test and last year. The entire run with feeder cattle, with 67% of those steers and 85% of all cattle weighing more than 600 pounds. Medium and Large 1 feeder steers weighing 750 to 850 pounds sold at $252.50 to $281 and 850-to-950-pound steers were reported at $237 to $258. Medium and Large 1 feeder heifers weighing 600 to 700 pounds ranged from $251 to $273 and 700-to-800-pound heifers brought $241.50 to $255.
Cash hogs are steady with light to moderate opening negotiated numbers for the major direct markets. Business should see at least one more round of steady to higher activity this week as buyers try to secure the needed near-term numbers. Early interest Tuesday is pretty light, but while there was no comparison, national direct barrows and gilts do have a higher undertone when compared to Monday’s close. Weather in early 2025 could have an impact on movement in some areas.
National direct barrows and gilts had no comparison with a base price range of $74 to $81 for a weighted average of $79.59 and the Western Corn Belt also had no comparison with an average of $79.59, while Iowa/Southern Minnesota had no reported trend and a five-day rolling average of $79.36. The butcher hog markets in Dorchester, Wisconsin and Garnavillo, Iowa are steady at $52. Illinois direct sows are steady at $32 to $44 with moderate to good demand for moderate offerings. Barrows and gilts are steady at $46 to $56 with moderate demand and offerings. Boars range from $15 to $30.
Pork at midday was down $2.41 at $91.91. Loins, butts, picnics, hams, and bellies were weak to sharply lower, canceling out a higher move in ribs.
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