Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  The lone bid is at $135 live and that’s in Kansas.  Asking prices are at $136 plus live in the South, while the North has yet to disclose.  Showlists are lighter in Nebraska/Colorado and steady to somewhat lighter in Texas and Kansas.  Look for more business to develop over the balance of the week. 

Boxed beef was mixed at midday on light to moderate demand for light offerings.  Choice is $.15 lower at $279.10 and Select is $1.36 higher at $265.09.  The Choice/Select spread is $14.01. 

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were $3 to $7 higher and feeder heifers were $3 to $5 higher.  The USDA says the offering consisted of several thousand high-quality cattle.  There were several buyers on hand.  Demand was very good for high-quality heifers and overall demand was good.  Receipts were up on the week and the year.  Feeder supply included 65% steers and 80% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 802 to 849 pounds brought $155 to $169 and feeder steers 851 to 894 pounds brought $155.75 to $166.  Medium and Large 1 feeder heifers 700 to 749 pounds brought $144 to $157.75 and feeder heifers 750 to 798 pounds brought $144.50 to $154.50.   

Cash hogs are weak at midday with moderate negotiated purchases.  With the shortened holiday week, processors have been moving large numbers and remain able to do so without having to bid up prices.  The industry continues to monitor the availability of market-ready hogs.  Demand for US pork on the global market has been strong, but there are some demand concerns, which seem to be adding pressure to prices. Barrows and gilts at the National Daily Direct are $.11 lower with a base range of $54 to $55 and a weighted average of $54.79; both the Iowa/Minnesota and the Western Corn Belt had a weighted average of $54.32.

Pork values are down $.34 at midday at $85.91.  Picnics dropped more than $11, loins, butts, and ribs were both lower.  Hams and bellies were higher to sharply higher. 

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