Market News

Midday cash livestock markets

Another quiet start for direct cash cattle trade activity.  Packers have shown a little interest, but no bids have surfaced.  Asking prices in the South are at $111-plus live, but nothing yet out of the North.  With the shortened holiday week, look for business to develop sooner rather than later. 

Boxed beef is higher midday on good demand for light offers.  Choice is $2.69 higher at $244.29 and Select is $2.01 higher at $219.49.  The Choice/Select spread is $24.80.

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week, steer calves and yearling steers under 750 pounds were steady, steers over 750 pounds were steady to $5 higher.  Heifers were steady, except heifer calves under 500 pounds and yearling heifers over 800 pounds were steady to $2 higher.  The USDA says demand was moderate to mostly good and supply was heavy.  Receipts were up on the week, but down on the year.  Feeder supply included 66 percent steers and 78 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 700 to 747 pounds brought $133 to $147.75 and feeder steers 750 to 797 pounds brought $133 to $149.  Medium and Large 1 feeder heifers 652 to 697 pounds brought $125 to $138.50 and feeder heifers 756 to 791 pounds brought $121 to $131.50. 

Cash hogs are lower at midday with fairly light negotiated numbers.  Packers have their eyes on the availability of market-ready hogs, which remains more than ample.  Slaughter runs continue to push higher and that’s keeping supply chains moving and preventing more of a backlog in the production system, but it’s also adding more pork to an already saturated market.  At the same time, there is uncertainty as it relates to both domestic and global demand for US pork, and that puts even more pressure on prices. Barrows and gilts at the National Daily Direct are $.39 lower with a base range of $50 to $58.50 with a weighted average of $57.93; the Iowa/Minnesota is $1.52 lower with a weighted average of $56.38; the Western Corn Belt is $1.49 lower with a weighted average of $56.47.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $42. At Illinois, slaughter sow prices were firm with moderate demand for heavy offerings at $28 to $41. Barrow and gilt prices were weak with moderate demand for moderate offerings with $36 to $42.  Boars ranged from $15 to $19 and $5 to $8. 

Pork values are steady at midday – up $.04 at $77.81.  Hams, ribs, and butts are all higher.  Bellies and picnics were sharply lower.  Loins are weak.

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