Market News

Midday cash livestock markets

Direct cash cattle trade activity remains quiet.  Bids have yet to develop.  Asking prices have started to surface in the South at $116 live, while the North remains quiet.  Showlists are higher in Texas, but lower in Kansas, Colorado, and Nebraska.  Business isn’t expected to pick up until the latter half of the week. 

Boxed beef is lower to sharply lower at midday on light demand for light offerings.  Choice is $2.07 lower at $236.96 and Select is $1.10 lower at $226.54.  The Choice/Select spread is $10.42. 

At the Joplin Regional Stockyards in Missouri, compared to last week steers under 600 pounds were steady and steers over 600 pounds were steady to $2 lower.  Lightweight feeder heifers were steady to $4 lower, while weights over 550 pounds were steady to $3 higher.  The USDA says supply was heavy and demand was good.  The market was active.  Feeder supply included 57 percent steers and 51 percent of the offerings was over 600 pounds.  Medium and Large 1 feeder steers 550 to 598 pounds brought $159 to $182 and feeder steers 600 to 648 pounds brought $142 to $156.  Medium and Large 1 feeder heifers 501 to 547 pounds brought $136 to $155 and feeder heifers 600 to 649 pounds brought $125 to $140.

Cash hogs are higher at midday with moderate negotiated purchases.  The industry remains optimistic demand for US pork will continue to see strength on both the global market and domestically.  The demand strength is been very supportive to prices.  However, the availability of market-ready barrows and gilts has been more than ample and daily slaughter totals have been very high. Should a disruption to demand occur, it would likely send prices tumbling.   Barrows and gilts at the National Daily Direct are $.46 higher at midday with a base range of $76.67 to $85 and a weighted average of $78.42.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $52. 

Pork values are sharply higher at midday – up $7.08 at $99.45.  Bellies jumped more than $23 to start the day.  Hams and loins are also sharply higher.  Ribs are higher.  Butts and picnics are lower to sharply lower. 

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