Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Neither bids nor asking prices have been established.  Showlists this week are mixed, higher in Texas, but lower in Kansas, and Nebraska and Colorado.  If business follows the trend of weeks, significant trade volume isn’t expected to develop until sometime late in the week.

At the Joplin Regional Stockyards Feeder Cattle, feeder steers less than 530 pounds were $10 to $25 lower, steers 530 to 725 pounds were $10 to $15 lower, steers weighing more than 725 pounds were $2 to $4 lower.  Feeder heifers less than 525 pounds were $15 to $30 lower and heavier weights were $5 to $15 lower.  The USDA says supply was light with moderate demand.  The overall quality was considerably lower than the previous week.  Receipts were down on the week and the year.  Feeder supply included 50 percent steers and 48 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 543 pounds brought $330 to $340 and feeder steers 754 to 770 pounds brought $276 to $294.  Medium and Large 1 feeder heifers 554 to 596 pounds brought $298 to $306 and 651 to 694 pounds brought $267 to $281. 

Boxed beef was about steady and sharply higher at midday on moderate and heavy demand for moderate offerings.  Choice is $.03 higher at $339.53 and Select was $5.09 higher at $324.39.  The Choice/Select spread is $15.14. 

Cash hogs have no comparison at midday, but a huge round of negotiated purchases.  Processors are starting the day more aggressive in their procurement efforts.  Demand for U.S. Pork on the global market has been strong, but concerns about trade disruptions are lingering.  The industry continues to monitor the availability of market-ready hogs and hog weights.  However, the combination of heavier weights and more hogs adds additional pork for the market to move at a time when demand is uncertain. Barrows and gilts at the National Daily Direct had no comparison but a base range of $82.50 to $89 and a weighted average of $88.11; the Iowa/Minnesota has a weighted average of $88.18; the Western Corn Belt has a weighted average of $88.17.  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 lower at midday – down $1.16 at $96.11.  Hams are sharply lower.  Picnics, loins, and butts were lower.  Ribs and bellies were higher and sharply higher.