Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Bids and asking prices have yet to surface.  Showlists this week are mixed, higher in Kansas and Nebraska/Colorado, but lower in Texas.  Significant trade volume isn’t expected until sometime Thursday or Friday. 

At the Joplin Regional Stockyards in Missouri, feeder steers weighing less than 700 pounds sold from $5 lower to $10 higher, with the exception of light five-weights, which sold $30 higher.  Steers weighing more than 700 pounds were $5 to $7 higher.  Feeder heifers weighing less than 550 pounds sold $20 to $25 higher.  Heavier weights sold $3 higher.  The USDA says supply was heavy with very good demand.  Receipts were up slightly on the week and the year.  Feeder supply included 69 percent steers with 64 percent of the offering weighing more than 600 pounds.  Medium and Large 1 feeder steers 651 to 698 pounds brought $400 to $433 and feeder steers 854 to 880 pounds sold $343 to $358.  Medium and Large 1 feeder heifers 655 to 698 pounds brought $357 to $392 and feeder heifers 702 to 799 pounds brought $355 to $376. 

Boxed beef is sharply higher at midday with solid demand for moderate offerings.  Choice is $4.86 higher at $399.91 and Select was $1.58 higher at $377.99.  The Choice/Select spread was $21.92. 

Cash hogs have no comparison at midday with moderate negotiated purchases.  Processors were a bit more aggressive in their procurement efforts to start the week, and that momentum will likely carry over into today’s business.  Demand remains crucial, but there are ongoing concerns about the long-term strength of global demand for US pork.  Domestic demand could see a boost with summer grilling season in full swing and pork’s competitive price in the retail space.  The industry also continues to monitor the availability of market-ready hogs and hog weights.  Barrows and gilts at the National Daily Direct have no comparison but a base range of $95 to $98 and a weighted average of $95.42.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. At Illinois, slaughter sows were steady with moderate demand for moderate offerings at $47 to $59.  Barrows and gilts were steady with moderate demand for moderate offerings at $51 to $61.  Boars ranged from $25 to $30 and $15 to $20. 

Pork values were lower at midday, down $1.29 at $95.83.  Butts and picnics were sharply lower.  Bellies and loins were down.  Hams and ribs were higher.