Market News

Midday cash livestock markets

Direct cash cattle trade is off to another quiet start for Tuesday.  There have been a few early asking prices starting around $145 in the South, but have yet to be established in the North. Trade volume should pick up over the balance of the week.

Boxed beef is higher at midday.  Choice is up $2.88 at $248.82 and Select is $.15 higher at $221.46. The Choice/Select spread is $27.36.

At the Joplin Regional Stockyards in Missouri, compared to last week, feeder steers traded steady to $4 higher. Feeder heifers traded $2 to $6 higher.  The USDA says supply and demand was moderate.  Receipts were down on the week, but up on the year.  Feeder supply was 56% steers and 46% of the offering was over 600 pounds. Medium and Large 1 feeder steers 550 to 594 pounds brought $175 to $194 and feeder steers 806 to 837 pounds brought $170 to $178. Medium and Large 1 feeder heifers 615 to 627 pounds brought $165 to $172 and feeder heifers 809 to 846 pounds brought $158 to $160.

Cash hogs opened higher with solid negotiated purchases. Packers were not aggressive Monday but have been aggressive today to purchase the hogs they need for the week with an eye on at least some reduction in movement next week due to the holiday. Demand for US pork on the global market has been strong, but there are ongoing concerns about a slowing global economy.  Barrows and gilts at the National Daily Direct are $3.14 higher with a base range $80 to $95.50 with a weighted average $85.51. At the Iowa/Minnesota the weighted average is $94.44; Western Corn belt has a weighted average of $94.07. The Eastern Corn Belt did not report due to confidentiality reasons.  

Butcher hog prices are $2 lower at $62. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $58 to $70. Barrows and gilts were $1-$2 lower with moderate demand for moderate offerings. Boars ranged from $39 to $41 and $9 to $19.

Pork values are firm at midday – up $.05 at $99.98. Butts, ribs, and bellies are lower. Loins, picnics and hams are higher.

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