Market News

Midday cash livestock markets

Direct cash cattle trade is at a standstill this morning.  Some early asking prices are noted from around $117 to $118 live in the South and $185 to $188 dressed in the North.  Bids have yet to surface.  This week’s showlists are lower across all areas.  It’s likely significant trade volume will be delayed until sometime Thursday or Friday. 

Boxed beef is steady to firm at midday on moderate demand for moderate offerings.  Choice is $.83 higher at $239.95 and Select is $.11 higher at $215.70.  The Choice/Select spread is $24.25. 

At the close, at the Joplin Regional Stockyards, compared to last week steer and heifer calves were steady to $3 lower.  Yearlings were also steady to $3 lower.  The USDA says demand was moderate and supply was moderate to heavy.  Receipts of 7,812 head were up on the week and the year. Feeder supply included 57 percent steers and 48 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 603 to 649 pounds brought $138 to $150 and feeder steers 700 to 746 pounds brought $141 to $154.  Medium and Large 1 feeder heifers 552 to 594 pounds brought $127 to $135 and feeder heifers 708 to 747 pounds brought $131 to $139. 

Cash hogs opened steady with solid negotiated purchase numbers.  The cash hog market has been on repeat as of late.  While the industry continues to anticipate an increase in demand for US pork on the global market, heavy supplies are weighing on prices.  The availability of market-ready barrows and gilts is more than ample, and slaughter runs continue to hit record or near-record totals almost daily.  But until the cash market starts seeing an increase in purchases – it will be very difficult for prices to turn around and push higher.   Barrows and gilts at the Iowa/Southern Minnesota opened $.18 lower for a weighted average of $41.68; the Western Corn Belt opened $.19 lower for a weighted average of $41.68; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.09 higher with a base range of $40 to $43.03 for a weighted average of $42.23. 

Butcher hog prices at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow prices were $1 lower at $26 to $37 with moderate to good demand for heavy offerings.  Barrow and gilt prices were steady at $25 to $30 with moderate demand for moderate offerings. 

Pork values opened firm – up $.85 at $89.99.  Bellies and hams are higher.  Butts and loins are firm.  Picnics and ribs are weak to lower. 

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