Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start again today.  There are a few early asking prices in Nebraska starting out around $126 to $127 live and $205 plus dressed.  Other areas aren’t priced yet and bids have yet to surface.  Showlists this week are mixed – higher in Texas and Nebraska/Colorado.  But lower in Kansas.  Significant trade volume will likely be delayed until the latter half of the week. 

Boxed beef is higher at midday on good demand for moderate offerings.  Choice is $2.60 higher at $213.15 and Select is $1.84 higher at $210.07.  The Choice/Select spread is $3.08. 

At the Joplin Regional Stockyards in Missouri, compared to last week steers under 650 pounds were $2 to $5 higher and steers over 650 pounds and heifers of all weights are steady.  The USDA says demand is moderate to good and supply is moderate.  Receipts of 6,263 head are down on the week and on the year.   Feeder supply included is 63 percent steers and 59 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 648 pounds brought $145 to $159 and feeder steers 654 to 696 pounds brought $142 to $154.  Medium and Large 1 feeder heifers 450 to 492 pounds brought $140 to $159 and feeder heifers 600 to 649 pounds brought $131 to $144. 

Cash hogs opened steady to firm with solid negotiated purchase totals.  The market is still watching the supply and demand picture.  Pork is anticipated to be one of the winners from the signing of the phase one trade deal with China, but details are still unknown and uncertainty remains.  At the same time – supplies of US pork are growing.  And increasing demand will be vital to keeping prices supported or eventually moving higher.  Barrows and gilts at the National Daily Direct opened $.52 higher with a base range of $47.50 to $51.50 for a weighted average of $51.11; the Iowa/Southern Minnesota opened $.22 higher for a weighted average of $51.10; the Western Corn Belt opened $.36 higher for a weighted average of $51.09.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36. 

Pork values are firm at midday – up $.28 at $74.52.  Ribs, hams, and bellies are all higher to sharply higher.  Loins and butts are steady.  Picnics are sharply lower.