Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet. Asking prices have started to surface in the South at $212 live, but still haven’t been established in the North.  Bids remain elusive.  Showlists this week are lower across all major feeding areas.  If business follows the trend of recent weeks, look for significant trade volume to hold out until sometime Friday.

At the Joplin Regional Stockyards in Missouri, compared to the previous week, feeder steers sold from $2 lower to $10 higher, with the most demand for lighter steers.  Feeder heifers sold steady to $7 higher.  The USDA says supply was heavy with very good demand.  Receipts were down on the week, but up on the year.  Feeder supply included 60 percent steers and 56 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 645 pounds brought $317 to $349 and feeder steers 762 to 798 pounds brought $284 to $296.50.  Medium and Large 1 feeder heifers 600 to 644 pounds brought $290 to $322 and feeder heifers 650 to 699 pounds brought $275.50 to $307.

Boxed beef was sharply higher and firm at midday with very good and solid demand for moderate offerings.  Choice is $6.93 higher at $334.03 and Select was $.11 higher at $313.69.  The Choice/Select spread has widened to $20.34. 

Cash hogs are mixed at midday with moderate negotiated purchases. Processors are following up with Monday’s more aggressive procurement efforts with a solid start to today’s business.  Demand for U.S. pork on the global market has been strong, but there are questions about the long-term certainty of that demand as the industry navigates potential trade headwinds and disruptions.  There’s some optimism that domestic demand will see a boost as pork remains a more competitively priced protein. Barrows and gilts at the National Daily Direct are $.20 higher with a base range of $87 to $90 and a weighted average of $88.23; the Iowa/Minnesota is $.18 lower at $87.70; the Western Corn Belt is $.03 lower with a weighted average of $87.70.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values were sharply higher at midday – up $2.99 at $100.36.  Bellies jumped more than $19 to start the day.  Loins were firm.  Picnics, hams, butts, and ribs were weak to lower.