Market News

Midday cash livestock markets

It’s a quiet start for direct cash cattle business.  Bids and asking prices have yet to surface.  Showlists for the week are mixed.  Business is expected to pick up as the day progresses with significant trade volume likely taking place before the Thanksgiving holiday. 

Boxed beef was modestly lower at midday with light demand for fairly moderate offerings.  Choice is $.24 lower at $295.51 and Select is $.15 lower at $270.80.  The Choice/Select spread is $24.71. 

At the Joplin Regional Stockyards in Missouri, feeder steers under 625 pounds were steady to $2 higher.  Heavier weights were $5 to $10 higher.  Feeder heifers under 600 pounds were steady to $3 lower and heavier weights were $10 to $18 higher.  The USDA says supply was heavy with very good demand.  Receipts were down on the week and the year.  Feeder supply included 66% steers and 76% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 853 to 895 pounds brought $229.75 to $246 and feeder steers 900 to 946 pounds brought $215 to $227.  Medium and Large 1 feeder heifers 600 to 639 pounds brought $216 to $250 and feeder heifers 708 to 745 pounds brought $216 to $240. 

Cash hogs have no comparisons but big negotiated purchases to start the day.  The momentum from the strong start to the week has carried over into today.  Processors are definitely getting work done early in this holiday-shortened week.  Demand for US pork has been strong on the global market, but last week’s pullback in export sales could create added uncertainty surrounding long-term demand.  Domestic demand continues its struggle.  Supplies of market-ready hogs are ample and that gives packers the leverage to do business as needed. Barrows and gilts at the National Daily Direct had no comparison with a base range of $56 to $63 and a weighted average of $61.34; the Iowa/Minnesota had a weighted average of $61.46; the Western Corn Belt had a weighted average of $61.30.  Prices at the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $55. At Illinois, slaughter sow prices were steady with moderate demand for moderate offerings at $45 to $58.  Barrows and gilts were steady with moderate demand for moderate offerings at $38 to $48.  Boars ranged from $18 to $21 and $5 to $10. 

Pork values were higher at midday – up $.73 at $86.82.  Picnics and bellies were both higher.  Butts were about steady.  Hams, loins, and ribs were all lower.

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