Market News

Midday cash livestock markets

It’s another quiet start for direct cash cattle business.  Bids have yet to surface and asking prices are still not established.  There were a handful of deals reported in Iowa Monday at $166, the rest of cattle country is quiet.  It’s likely significant trade volume be delayed until midweek or later. 

Boxed beef was lower at midday on light demand for moderate offerings.  Choice is $.25 at $280.77 and Select was $.81 lower at $273.13. The Choice/Select spread is $7.64.

At the Joplin Regional Stockyards in Missouri, feeder steers were steady.  Feeder heifers under 475 pounds were steady to $4 higher.  Heavier weights were steady.  Heifer calves weighing 310 pounds sold at $280 and heifers 674 pounds sold for $194.  The USDA says supply was heavy with good demand.  Receipts were down on the week and up on the year.  Feeder supply included 52% steers and 57% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 601 to 642 pounds brought $213 to $235 and feeder steers 805 to 847 pounds brought $179 to $185.  Medium and Large 1 feeder heifers 500 to 540 pounds brought $210 to $211 and feeder heifers 656 to 674 pounds brought $194 to $196. 

Cash hog prices were not reported at midday due to confidentiality.  The cash hog market continues its struggle to find any consistent support.  Friday’s weakness in cash business carried over into the new week with prices starting the lower.  The supplies of market-ready hogs are helping packers drive the market.  The pattern recently has been a few days of lower business with lighter runs followed by a couple of days of larger business at higher prices.  That isn’t expected to change anytime soon. The five-day rolling average for the National Daily Direct is $77.95; is $78.88 at the Iowa/Minnesota, and $78.86 for the Western Corn Belt. 

Butcher hogs at the Midwest cash markets are steady at $60. At Illinois, slaughter sow prices were $3 lower with moderate demand for moderate offerings at $48 to $60.  Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $58.  Boars ranged from $15 to $25 and $8 to $15. 

Pork values closed higher – up $1.30 at $82.94.  Hams were sharply higher.  Picnics and butts were higher.  Ribs, loins, and bellies were lower.