Market News

Midday cash livestock markets

Direct cash cattle trade is quiet again today.  There were a handful of deals in Iowa yesterday at $173 and just a few starter bids this morning in Nebraska at $172.  Asking prices have not yet been established.  Significant trade volume will likely be delayed until the second half of the week.

At the Joplin Regional Stockyards in Missouri, receipts are up on the week and down on the year.  Compared to last week, steer and heifer calves are $3 to $5 lower, steer calves under 400 pounds are steady, yearlings are steady to $4 lower. The USDA says demand was supply to moderate.  Feeder supply included 44 percent steers and 30 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 400 to 500 pounds brought $164 to $180 and feeder steers 600 to 700 pounds were $159 to $168.  Medium and Large 1 feeder heifers 400 to 500 pounds were $151 to $165 and feeder heifers 600 to 700 pounds were $145 to $153.

Boxed beef cutout values are firm at midday on moderate demand for moderate offerings.  Choice up $.38 at $206.54 and Select is $.45 higher at $195.84.

Cash hogs opened sharply higher with strong negotiated purchase numbers.  Pork processors are making up for last week’s slowdown caused by Hurricane Florence and chain speeds are running at exceptionally high levels.  Packers want to keep plants full and have wiggle room to increase bids to make that happen.  The industry continues to monitor the movement of African Swine Fever in China and Europe.  And Thursday’s Hogs and Pigs report is expected to show another record inventory. Barrows and gilts at the Iowa/Southern Minnesota opened $1.78 higher with a range of $54 to $64 for a weighted average of $63.36; the Western Corn Belt opened $1.76 higher with a range of $54 to $64 for a weighted average of $63.34; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.71 higher with a range of $54 to $64 for a weighted average of $62.31.

Butcher hogs at the Midwest cash markets are $3 higher at $39.  At Illinois, slaughter sow receipts are up on the week and the year.  Prices are $1 higher at $18 to $30.  Barrows and gilts are $2 higher at $33 to $44 with moderate demand for moderate offerings.

Pork cutout values are steady, up $.05 at $80.07.  The primals are mostly higher with the strong gains in the bellies, ribs, and picnics.  The loins and butts were weak to lower.

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