Market News

Midday cash livestock markets

Direct cash cattle trade is off to a quiet start this morning.  A few early asking prices have surfaced at $122 live in the South and $193 plus, dressed, in the North.  Bids remain elusive.  Showlists this week are mixed – higher in Kansas, Nebraska, and Colorado, but lower in Texas.  Significant trade volume will likely be delayed until the latter half of the week. 

Boxed beef open mixed – lower on Choice and higher on Select on moderate demand for moderate offerings.  Choice is $1.33 lower at $231.28 and Select is $.92 higher at $213.90.  The Choice/Select spread is $17.38. 

At the close at the Joplin Regional Stockyards, compared to last week, steer and heifer calves were $3 to $7 higher, yearlings were steady to $3 lower.  The USDA says demand was moderate to good and supply was moderate.  Receipts of 6,154 head were down on the week and the year.  Feeder supply included 60 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 551 to 599 pounds brought $144 to $162 and feeder steers 822 to 843 pounds brought $139 to $148.  Medium and Large 1 feeder heifers 510 to 547 pounds brought $130 to $138 and feeder heifers 551 to 598 pounds brought $128 to $139. 

Cash hogs opened mixed with fairly strong negotiated purchases.  The President has indicated he’s in no hurry to finalize a trade agreement with China.  That adds even more uncertainty and volatility to the demand picture, which isn’t good news for prices given the current heavy supply and slaughter runs that continue to move higher.  Also, packer margins are widening and they’re working hard to move desired numbers at these levels.  Barrows and gilts at the Iowa/Southern Minnesota opened $.28 higher for a weighted average of $43.36; the Western Corn Belt is $.14 lower for a weighted average of $43.34; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $.30 higher with a base range of $40 to $44.56 for a weighted average of $43.84. 

Butcher hog prices in Dorchester, Wisconsin are steady at $32.  The market at Garnavillo, Iowa is closed today.  At Illinois, slaughter sow prices were steady at $23 to $34 with moderate to good demand for heavy offerings.  Receipts are down on the week and up on the year.  Barrow and gilt prices were steady at $25 to $30 with moderate demand for moderate offerings. 

Pork values opened lower – down $1.38 at $81.48.  Bellies dropped almost $9 this morning.  Ribs, butts, and hams were all lower.  Picnics and loins opened firm to higher.