Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to another typically quiet start for a Tuesday.  Bids have yet to surface. Asking prices are being reported in the South at $228 to $230 live, but still haven’t been established in the North.  This week’s showlists are mixed, higher in Kansas, but lower in Nebraska/Colorado, and Texas.  Look for significant trade volume to develop in the back half of the week.

At the Joplin Regional Stockyards in Missouri, feeder steers weighing less than 750 pounds were steady to $10 lower with heavier weights steady to $8 higher.  Feeder heifers weighing less than 650 pounds were steady to $10 lower with heavier weights selling steady to $7 higher.  The USDA says both supply and demand were moderate.  Receipts were down on the week and the year.  Feeder supply included 57 percent steers and 73 percent of the offering weighed more than 600 pounds.  Medium and Large 1 feeder steers 808 to 837 pounds brought $303 to $315 and feeder steers 862 pounds, fancy, brought $318.  Medium and Large 1 feeder heifers 733 to 741 pounds brought $301 to $318 and feeder heifers 772 to 797 pounds brought $292 to $302.50. 

Boxed beef was mixed at midday with light to moderate demand for fairly light offerings.  Choice was $1.13 higher at $391.35 and Select was $2.12 lower at $380.98.  The Choice/Select spread is $10.37.

Cash hogs have no comparison at midday with moderate negotiated purchases.  Processors appear to be off to a solid day of business.  The industry is looking ahead to this week’s Quarterly Hogs and Pigs report to get a better idea of supplies and herd size.  Production efficiency continues to ensure there are plenty of hogs available to meet demand, which has been relatively strong overall.  On the global market, China remains the wild card. Barrows and gilts at the National Daily Direct have a base range of $103 to $115 and a weighted average of $112.01; the Iowa/Minnesota has a weighted average of $112.62; the Western Corn Belt has a weighted average of $112.01.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are $5 higher at $79.

Pork values were lower at midday – down $.19 at $122.92.  Hams were sharply lower.  Bellies were also lower.  While loins, picnics, butts, and ribs were higher to sharply higher.