Market News

Midday cash livestock markets

Direct cash cattle trade is off to another quiet start and that’s typical for a Tuesday.  Bids and asking prices have yet to surface.  Showlists this week are mixed – higher in Nebraska, Colorado, and Kansas, but lower in Texas.  Significant trade volume will likely be delayed until the latter half of the week. 

Boxed beef is weak to lower at midday on light demand for heavy offerings.  Choice is $.50 lower at $223.14 and Select is $1.21 lower at $205.28.  The Choice/Select spread is $17.86. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week, steer and heifer calves and yearlings were all steady.  The USDA says demand was good and supply is heavy.  Receipts of 11,973 head are up significantly on the and the year.  Feeder supply included 57 percent steers and 61 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 745 pounds brought $138 to $152 and feeder steers 801 to 845 pounds brought $138 to $148.  Medium and Large 1 feeder heifers 550 to 598 pounds brought $127 to $138.25 and feeder heifers 600 to 657 pounds brought $127 to $139.50. 

Cash hogs opened steady to firm with moderate negotiated purchases.  There’s been a lot of positive news on the trade front with both China and the USMCA trade agreement.  That could mean very good news for the demand picture if realized.  The market needs to see a big demand boost for US pork on the global market right now; as there is seemingly no relief in sight with more than ample supplies of ready barrows and gilts coming online and slaughter runs are creeping higher almost daily.  Both add more pork to an already saturated market.  Barrows and gilts at the National Daily Direct are $.35 higher with a base range of $44.50 to $48.30 and a weighted average of $47.41 and the Western Corn Belt is $.03 lower for a weighted average of $46.69.  Prices at the Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hogs at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow prices were steady at $21 to $31 with moderate demand for heavy offerings.  Receipts were down on the week, but up on the year.  Barrow and gilt prices were $1 higher at $27 to $34 with moderate demand for moderate offerings. 

Pork values are sharply higher at midday – up $2.75 at $84.73.  Bellies jumped more than $8 this morning.  The rest of the primals were all higher to sharply higher. 

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