Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a slow start with bids and asking prices few and far between.  It’s likely another round of light trade will develop today.  Monday’s business was scattered, Northern dressed trade was $152 to mostly $153, about $1 lower than last week’s weighted average basis in Nebraska.  Texas reported live deals at $91 to $92, $3 or so below last week’s weighted averages. 

Boxed beef is mixed at midday on moderate demand for moderate offerings.  Choice is $.23 lower at $208.13 and Select is $.76 higher at $201.47. 

At the Joplin Regional Stockyards in Missouri, compared to last week steer calves were steady and heifer calves were steady to $3 higher and yearling steers were steady to $3 higher, yearling heifers were steady.  The USDA says demand was moderate to good and supply was heavy.  The Yearling Special had may loads of true yearling cattle, off the grass, in the offering.  Receipts were up on the week and the year.  Feeder supply included 60 percent steers and 65 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 754 to 787 pounds brought $128 to $139.50 and feeder steers 866 to 800 pounds brought $119.50 to $126.  Medium and Large 1 feeder heifers 652 to 699 pounds brought $118.50 to $130 and feeder heifers 702 to 742 pounds brought $115 to $125. 

Cash hogs opened steady with solid negotiated numbers.  Packers have been aggressive in their procurement efforts, likely ahead of the shortened holiday week.  But, supply and demand remain the name of the game as it relates to prices.  Supplies of market-ready hogs are more than ample. At the same time, there is concern demand could waffle as consumers struggle with an economy that hasn’t been quick to recover.  The industry is also continuing to watch the global demand picture as US is still well-positioned to meet the world’s pork and protein needs.  Barrows and gilts at the National Daily Direct are $.03 higher at midday with a base range of $24 to $30.13 for a weighted average of $28.34.  Prices at the regional direct markets were not reported due to confidentiality.   

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $9 to $20.  Barrow and gilt prices were steady with moderate to good demand for moderate to heavy offerings at $12 to $20.  Boars ranged from $2 to $5. 

Pork values are lower at midday – down $1.61 at $63.60.  Bellies are sharply lower – down more than $12.  Ribs and loins were also lower.  Picnics, hams, and butts were all higher.