Market News

Midday cash livestock markets

Direct cash cattle trade is quiet to kick off the week.  There was little business last week, but it picked up after the cutoff on Friday for mandatory reports. Private Northern dressed deals that were picked up were reported at $248 to $251, mostly $250.  $2 higher than the prior week’s weighted average basis in Nebraska. In Nebraska and Western Corn Belt negotiated cash trading was moderate on good demand.  There was live trade reported in the South at $159, $3 higher than the prior week’s weighted average.

Boxed beef is higher at midday.  Choice is $1.62 at $266.36 and Select is $1.70 higher at $253.31.  The Choice/Select spread is $13.05.

At the Joplin Regional Stockyards in Missouri, compared to last week, in early trading feeder steers under 450 pounds are $5 to $8 higher with heavier weights steady.  Feeder heifers under 500 pounds are $5 to $11 higher with heavier weights steady.  The USDA says demand was good.  Receipts were up on the week and year.  48 percent of the supply were steers and 24 percent was over 600 pounds. Medium and Large 1 Feeder Steers 450 to 497 pounds brought to $230 to $252.50 with an average price of $246.05.  Feeder steers 700 to 739 pounds brought $182 to $189.50 with an average price of $184.50.  Medium and Large 1 Feeder heifers 507 to 548 pounds brought $180 to $195 with an average price of $187.31 and feeder heifers 610 to 642 pounds brought $166 to $185 with an average price of $178.62.

Cash hogs are lower at midday.  Processors have started the week without having to be aggressive in their procurement efforts. The market is struggling to find support.  And while demand has held relatively strong on the global market and domestically, it has pulled back from recent levels.  There are concerns US pork could face some pressure globally as China has increased its pork production in the last year.  That said, pork does remain a value buy for consumers in the retail space and there’s optimism that could provide a little demand boost.

Barrows and gilts at the National Daily Direct are $.84 lower with a base range of $65 to $77 with a weighted average of $71.81; at the Iowa/Minnesota $1.39 higher with a weighted average price of $74.46; the Western Corn Belt is $1.39 higher with a weighted average price of $74.46; the Eastern Corn Belt did not report due to confidentiality reasons.

Butcher hogs are mixed with Dorchester up $6 and Garnavillo steady, both at $66.

Pork Values are all higher at midday, up $8.87 at $87.96.  Loins, butts, picnics, ribs and hams are higher.  Bellies are sharply higher up $34.18.

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