Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet, which is typical for a Tuesday.  There are a few opening bids on the table at $180 dressed.  Some early asking prices have been reported at $118 live and $185 dressed.  We look for those to continue to develop as the week progresses.  Significant trade volume isn’t like to develop until the second half of the week.

At the close, at the Joplin Regional Stockyards in Missouri, receipts are even on the week and down on the year.  Compared to last week, steer calves under 550 pounds were steady to $4 higher, steers over 550 pounds were steady, and yearling steers were $2 to $4 lower.  Heifers under 700 pounds are $2 to $4 lower.  The USDA says demand and supply were both moderate.  Feeder supply included 50 percent steers and 42 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 400 to 500 pounds brought $163 to $192 and feeder steers 600 to 700 pounds brought $149 to $155.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $131 to $144 and feeder heifers 600 to 700 pounds brought $142 to $148.50.

Boxed beef cutout values opened firm on Choice and sharply higher on Select on light demand and offerings.  Choice up $.57 at $219.16 and Select up $3.20 at $205.55.  The Choice/Select spread it $13.61.

Cash hogs opened sharply lower with moderate negotiated purchase totals.  Heavy supplies and demand uncertainty continue to drive the market.  Slaughter runs are pegged to break the 2.6 million head mark this week.  That puts packers in control and adds pressure on prices.  The livestock sector seems to hold out hope that the eventual trade agreement with Mexico will help to shore up demand.  The industry continues to monitor the African Swine Fever situation in China.  It doesn’t seem the country has the disease under control and that could provide additional demand on the global market, ultimately helping to improve prices for US pork.  Barrows and gilts at the Iowa/Southern Minnesota opened $1.41 lower with a range of $51 to $57 for a weighted average of $54.75; the Western Corn Belt opened $1.23 lower with a range of $51 to $57 for a weighted average of $54.77; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.42 lower with a range of $51 to $57 for a weighted average of $57.64.

Butcher hogs at the Midwest cash markets are steady at $37 and $44.  At Illinois, slaughter sow receipts are up on the week and the year.  Prices are weaker at $30 to $45 with moderate demand for heavy offerings.

Pork cutout values are lower at midday – down $.99 at $73.87.  The bellies opened more than $5 lower.  The butts, ribs, and picnics were all lower.  Hams and loins were firm.

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