Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids have yet to surface.  Asking prices have been noted at $208 to $210 live in the South, but still haven’t been established in the North.  Significant trade volume will likely be delayed until sometime Thursday or Friday.

Boxed beef is higher at midday on solid demand for moderate offerings.  Choice is $2.46 higher at $332.54 and Select is $2.36 higher at $322.91.  The Choice/Select spread is $9.63. 

At the Joplin Regional Stockyards in Missouri, feeder steers were $2 to $10 higher.  Feeder heifers under 450 pounds were $4 to $8 lower with heavier weights selling $2 to $10 higher.  The USDA says supply was heavy with very good demand.  Five head of 349-pound steers brought $500/cwt and 19 head of 523 pounds steers brought $403/cwt.  Receipts were up on the week and the year.  Feeder supply included 61% steers and 65% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $310 to $341 and feeder steers 715 to 742 pounds brought $276 to $280.  Medium and Large 1 feeder heifers 600 to 649 pounds brought $271 to $297 and feeder heifers 650 to 696 pounds brought $264 to $287. 

Cash hogs are sharply higher at midday with solid negotiated purchases.  Processors are starting the day more aggressive in their procurement efforts and bidding up to move needed numbers.  Demand for U.S. pork on the global market continues to be strong, helping provide price support.  The industry would like to see an uptick in domestic demand, which could be possible as retail prices for beef continue to move higher.  The ongoing talks about tariffs does create some additional volatility in the market. Barrows and gilts at the National Daily Direct are $5.34 higher with a base range of $77 to $85 and a weighted average of $83.34.  No comparison at the Iowa/Minnesota and the Western Corn Belt, but weighted averages of $83.34.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady $57. At Illinois, slaughter sow prices were $2 higher with moderate demand for moderate offerings at $42 to $53.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $56.  Boars ranged from $20 to $30 and $15 to $25. 

Pork values were firm at midday – up $.49 at $93.65.  Bellies, hams, and picnics were all higher.  Loins, butts, and ribs were all lower.

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