Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet and the North may remain that way as much of Nebraska and Iowa are covered in snow.  Asking prices have been floated out of the South around $114 live, while the North remains quiet.  Significant trade volume will likely be delayed until midweek or later. 

Boxed beef is firm and sharply higher at midday on moderate to good demand for light offerings.  Choice is $2.40 higher at $229.13 and Select is $.65 higher at $216.86.  The Choice/Select spread is $12.27. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week, steers under 600 pounds were steady and over 600 pounds were steady to $2 higher.  Heifers were steady.  The USDA says supply was moderate with good buyer attendance.  Feeder supply included 60 percent steers and 56 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 648 pounds brought $140 to $152 and feeder steers 803 to 846 pounds brought $128 to $136.50.  Medium and Large 1 feeder heifers 550 to 595 pounds brought $125 to $137 and feeder heifers 703 to 749 pounds brought $121 to $125. 

Cash hogs prices were not reported at midday due to confidentiality.  Packers continue to move big numbers as they work to keep supply chains moving and prevent more hogs from backing up in the production system.  Supplies are heavy as the availability of market-ready barrows and gilts are more than ample and that likely isn’t going to change anytime soon.  Demand also faces uncertainty on both global and domestic markets as recovery from the coronavirus pandemic in some parts of the world has been slower than expected. 

Butcher hog prices at the Midwest cash markets are steady at $40. 

Pork values are lower at midday – down $.77 at $81.36.  Hams, picnics, and ribs are sharply lower.  Butts, bellies, and loins are sharply higher.