Market News

Midday cash livestock markets

Another quiet start to the day for direct cash cattle trade activity.  Some early asking prices have surfaced around $122 plus live in the South and $199 plus dressed in the North.  Bids have been scarce.  Trade could start to develop today, but it’s likely significant trade volume will be delayed until Wednesday or later. 

Boxed beef was sharply higher at midday on good demand for light offerings.  Choice is $4.06 higher at $285.06 and Select is $2.63 higher at $266.01.  The Choice/Select spread is $19.05. 

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady and feeder heifers were steady to $4 higher.  The USDA says supply and demand were moderate.  Receipts were down slightly on the week and down on the year.  Feeder supply included 57% steers and 54% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 503 to 549 pounds brought $167.50 to $183 and feeder steers 603 to 643 pounds brought $165 to $181.  Medium and Large 1 feeder heifers 553 to 598 pounds brought $147 to $162.50 and feeder heifers 600 to 649 pounds brought $142 to $155. 

Cash hogs are lower at midday with moderate negotiated purchases. The industry continues to monitor the availability of market-ready barrows and gilts.  Processors had been aggressive in their procurement efforts but seem to have taken a step back recently.  Overall demand for US pork on the global market and domestically has been strong and that has been largely supportive to prices and the industry expects that to continue.  However, should a major disruption occur, prices would likely tumble. 

Barrows and gilts at the National Daily Direct are $.54 lower with a base range of $98 to $104 and a weighted average of $100.45.  The Eastern Corn Belt had a weighted average of $99.93.  Prices at the Iowa/Minnesota and the Western Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $70. At Illinois, slaughter sow prices were steady with good demand for heavy offerings at $64 to $84.  Barrow and gilt prices were steady with moderate to good demand for moderate to heavy offerings at $64 to $74.  Boars ranged from $45 to $50 and $10 to $12. 

Pork values are sharply higher at midday – up $3.05 at $131.76.  Loins, bellies, picnics, and ribs were all sharply higher.  Butts were higher.  Hams were sharply lower.