Market News

Midday cash livestock markets

Direct cash cattle trade remains quiet.  Bids are non-existent.  Some early asking prices have surfaced around $108-plus live in the South and nothing has come out of the North yet.  Showlists this week are larger in Nebraska/Colorado, somewhat smaller in Texas, and lower in Kansas.  And it’s likely significant trade volume will be delayed until midweek or later. 

Boxed beef is steady to higher at midday with moderate demand for moderate offerings.  Choice is $.06 higher at $217.78 and Select is $1.70 higher at $208.12.  The Choice/Select spread is $9.66. 

At the Joplin Regional Stockyards in Missouri, compared to last week steers under 750 pounds were $3 to $6 lower and heifers under 700 pounds were $4 to $7 lower.  The USDA says demand and supply were both moderate.  Receipts are up on the week and the year.  Feeder supply included 43 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 588 pounds brought $136 to $145 and feeder steers 755 to 785 pounds brought $140.50 to $152.50.  Medium and Large 1 feeder heifers 686 to 697 pounds brought $140 to $143 and feeder heifers 810 to 845 pounds brought $128.50 to $133.50. 

Cash hogs opened weak with moderate negotiated numbers.  The market continues to monitor the relationship between supply and demand.  The industry is optimistic demand for US pork will continue to increase, both globally and on the domestic market.  But supplies of market-ready barrows and gilts are more than ample and that could be troublesome to prices should a disruption to demand occur. Barrows and gilts at the National Daily Direct opened $.49 lower with a base range of $60 to $65 for a weighted average of $63.61; the Iowa/Minnesota is $.28 lower for a weighted average of $64.11; the Western Corn Belt is $.28 lower for a weighted average of $64.11.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40. At Illinois, slaughter sow prices were steady with good demand for moderate offerings at $14 to $25.  Barrow and gilt prices were weak with good demand for moderate to heavy offerings at $40 to $45.  Boars ranged from $1 to $3. 

Pork values are steady at midday down $.05 at $93.34.  Bellies are sharply lower.  Picnics, hams, butts, loins, and ribs are steady to higher.