Midday cash livestock markets
Another quiet start for direct cash cattle business. Bids have yet to surface. Asking prices are at $138 to $140 live in the South, while nothing has come out of the North. Packer inquiry could pick up as the day progresses. But, significant trade volume isn’t expected to develop until the latter part of the week.
Boxed beef is mixed at midday with light to moderate demand for fairly light offerings. Choice is $.60 lower at $265.64 and Select is $.88 higher at $239.74. The Choice/Select spread is $25.90.
At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady to $4 lower. Feeder heifers were $3 to $8 higher with the most gain on weights under 575 pounds. The USDA says supply was light and demand was moderate. Receipts were down significantly on the week and down slightly on the year. Feeder supply included 47% steers and 38% of the offering was over 600 pounds. Medium and Large 1 feeder steers 604 to 649 pounds brought $184 to $191 and feeder steers 912 to 948 pounds brought $163 to $164.10. Medium and Large 1 feeder heifers 501 to 547 pounds brought $167.50 to $180 and feeder heifers 600 to 641 pounds brought $165 to $178.
Cash hogs are sharply lower at midday with moderate negotiated purchases. The industry continues to monitor the availability of market-ready hogs. Processors are moving their desired numbers without having to get aggressive in their procurement efforts. Demand for US pork on the global market has been strong, which has been helping the market. But there are long-term concerns which adds pressure to prices. Barrows and gilts at the National Daily Direct are $4.29 lower with a base range of $114 to $133 and a weighted average of $118.59; both the Iowa/Minnesota and the Western Corn Belt had no comparison but a weighted average of $127.37. Prices at the Eastern Corn Belt were not reported due to confidentiality.
Butcher hog prices at the Midwest cash markets are steady at $75.
Pork values are higher at midday – up $1.36 at $125.42. Bellies and hams led the way higher. Loins and butts were firm to higher. Picnics and ribs were lower.