Market News

Midday cash livestock markets

Direct cash cattle trade activity is at a standstill.  Bids and asking prices have yet to be established.  Showlists this week are somewhat lower in Texas and lower in Kansas, Nebraska, and Colorado.  It’s likely significant trade volume will be delayed until sometime Thursday or Friday. 

Boxed beef is higher to sharply higher at midday on good demand for moderate offerings.  Choice is $6.33 higher at $233.28 and Select is $1.10 higher at $213.45.  The Choice/Select spread is $19.83. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week, steer calves under 450 pounds were steady to $5 higher and steer calves over 450 pounds were steady.  Heifer calves were steady to $3 higher and yearlings were steady, except 650 to 700-pounds steers which were steady to $6 higher.  The USDA says demand was good and supply was heavy.  Receipts were up on the week and the year.  Feeder supply included 64 percent steers and 58 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 651 to 692 pounds brought $136 to $155.10 and feeder steers 750 to 787 pounds brought $135 to $150.  Medium and Large 1 feeder heifers 450 to 482 pounds brought $134 to $145 and feeder heifers 621 to 648 pounds brought $128 to $137.75. 

Cash hogs are steady to firm at midday with moderate negotiated numbers.  The industry continues to focus on what’s happening in terms of supply and demand.  The availability of market-ready hogs is more than ample and daily slaughter totals continue to push higher.  While that’s keeping the supply chain moving and helping to alleviate some of the backlog of hogs in the production system.  It also adds more pork to an already saturated market.  The industry remains optimistic demand for US pork will continue to see strength on the global market.  Barrows and gilts at the National Daily Direct are $.13 lower with a base range of $52 to $59.66 with a weighted average of $58.77; the Iowa/Minnesota is $.35 higher with a weighted average of $58.83; the Western Corn Belt is $.35 higher with a weighted average of $58.84.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $40 and $44.  Pork values are steady at midday – up $.10 at $81.25.  Hams and loins are higher.  Butts are firm.  Bellies, ribs, and picnics are all lower.