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 mixed, higher in Kansas, Nebraska/Colorado, and lower in Texas.  Significant trade volume could be delayed until midweek or later. 

Boxed beef is sharply higher at midday on strong demand for moderate offerings.  Choice is $4.52 higher at $289.72 and Select is $4.81 higher at $279.16.  The Choice/Select spread is $10.56.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers under 600 pounds were steady to $3 lower, while weights over 600 pounds were steady to $3 higher.  Feeder heifers were steady to $5 lower with most of the decline on heavier weights.  The USDA says supply was moderate with good demand.  Receipts were down on the week and the year.  Feeder supply included 49 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 546 pounds brought $162 to $176 and feeder steers 600 to 635 pounds brought $151 to $168.  Medium and Large 1 feeder heifers 700 to 725 pounds brought $124 to $132 and feeder heifers 751 to 795 pounds brought $123 to $125. 

Cash hogs are sharply higher with moderate negotiated runs.  Packers have been aggressive in their procurement efforts and are also keeping an eye on the availability of market-ready hogs.  The strong demand for US pork has been very supportive to prices, and that’s expected to continue.  While daily slaughter totals are significantly higher than year-ago levels, which declined due to the COVID-related disruptions, they are slightly below recent trends.  Barrows and gilts at the National Daily Direct are $4.06 higher with a base range of $104.50 to $116.50 with a weighted average of $110.95; the Iowa/Minnesota are $6.61 higher with a weighted average of $115.23; the Western Corn Belt is $6.67 higher with a weighted average of $115.21.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $64. 

Pork values are sharply higher at midday – up $2.97 at $112.27.  Bellies jumped more than $11 to start the day.  Ribs, loins, and hams are higher to sharply higher.  Butts and picnics were lower.