Market News

Midday cash livestock markets

Direct cash cattle trade is quiet at midday.  Bids are hard to find.  Asking prices are around $112 to $113 live in the South, but nothing has surfaced yet out of the North.  Significant trade volume will likely be delayed until at least midweek or later. 

Boxed beef is mixed at midday on light to moderate demand for light offerings.  Choice is $.34 lower at $243.34 and Select is $1.69 higher at $224.12.  The Choice/Select spread is $19.22. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week steer calves under 650 pounds were $2 to $5 higher steers over 650 pounds were $1 to $3 lower.  Heifers under 550 pounds and over 800 pounds were steady.  Heifers 550 to 800 pounds were $2 to $4 lower.  The USDA says demand was moderate to good and supply was heavy.  The offering consisted of mostly weaned/vaccinated calves with a few unweaned calves in the mix, and yearlings.  The best demand was on light calves suitable for winter grazing.  Receipts were down on the week, but up on the year.  Feeder supply included 64 percent steers and 58 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 749 pounds brought $135 to $144.50 and feeder steers 801 to 843 pounds brought $133 to $146.  Medium and Large 1 feeder heifers 450 to 497 pounds brought $132 to $150 and feeder heifers 754 to 796 pounds brought $120 to $133. 

Cash hogs opened lower with solid negotiated numbers.  The availability of market-ready hogs is more than ample, at the same time processors continue to push slaughter totals higher.  While that helps to keep the supply chain moving and prevent a further backlog of hogs in the production system, it also adds more pork to an already saturated market.  While the industry is optimistic demand for US pork will remain strong in both the global and domestic markets, there is some uncertainty that lingers.  And that makes it difficult for prices to push higher.  Barrows and gilts at the National Daily Direct are $.39 lower with a base range of $48 to $57 and a weighted average of $56.28; the Iowa/Minnesota is $.60 lower with a weighted average of $56.71; the Western Corn Belt is $1.02 lower with a weighted average of $55.64.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36.  At Illinois, slaughter sow prices were steady with moderate demand for heavy offerings at $28 to $41. Barrow and gilts prices were $1 lower with moderate demand for moderate offerings at $35 to $41.  Boars ranged from $15 to $19 and $5 to $8.

Pork values are lower at midday – down $2.35 at $77.74.  Hams, bellies, and loins were lower to sharply lower.  Butts were weak.  Picnics and ribs were firm to higher. 

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