Market News

Midday cash livestock markets

Direct cash cattle trade is quiet again today.  There are some early asking prices noted around $112 live in the South and $175 dressed in the North.  Bids remain elusive.  And it’s likely significant trade volume will be delayed until the latter half of the week. 

Boxed beef is sharply higher at midday on strong demand for moderate offerings.  Choice is $4.62 higher at $222.01 and Select is $5.54 higher at $207.91.  The Choice/Select spread is $14.11. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week, steer calves and yearling steers were steady to $5 higher with 4-weight steer calves sharply higher.  Heifer calves and yearling heifers were steady.  The USDA says demand was moderate to good and supply was moderate.  Receipts were up on the week and down on the year.  Feeder supply included 58 percent steers and 45 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 600 to 644 pounds brought $138 to $146 and feeder steers 762 to 795 pounds brought $136 to $144.50.  Medium and Large 1 feeder heifers 651 to 698 pounds brought $126 to $135 and feeder heifers 779 to 792 pounds brought $128 to $135. 

Cash hogs opened weak to lower with moderate negotiated numbers.  Heavy supplies continue to weigh on the market.  The availability of market-ready hogs is more than ample and daily slaughter totals continue to push higher.  While that helps to alleviate some of the pressure in the production system from the backlog of hogs, it does add more pork to an already saturated market.  The industry, however, remains optimistic demand for US pork will continue to strengthen both globally and domestically. Barrows and gilts at the National Daily Direct are $.55 lower with a base range of $55 to $61 for a weighted average of $60.48 and the Western Corn Belt is $1.22 lower with a weighted average of $59.57.  Prices at the Iowa/Minnesota and the Eastern Corn Belt are not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $44. At Illinois, slaughter sow prices were firm with good demand for moderate offerings at $26 to $40.  Barrow and gilt prices were steady with good demand for moderate to heavy offerings at $37 to $42.  Boars ranged from $5 to $8. 

Pork values are weak at midday down $.52 at $85.17.  Hams dropped more than $7 to start the day.  Loins were lower, picnics were weak, and ribs were steady.  Butts and bellies were sharply higher. 

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