Market News

Midday cash livestock markets

Direct cash cattle trade activity has been off to another very slow start.  Bids and asking prices haven’t surfaced.  The winter weather system that has moved through cattle country will likely delay business even further this week.  Look for significant trade volume to hold out until sometime Thursday or Friday.

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $1.96 higher at $280.79 and Select is $3.30 higher at $262.66. The Choice/Select spread is $18.13. 

At the Joplin Regional Stockyards in Missouri, feeder steers were $3 to $10 lower.  Feeder heifers were $7 to $12 lower.  The USDA says supply was heavy with good demand.  Receipts were down on the week and the year.  Feeder supply included 64% steers and 68% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 647 pounds brought $233 to $262 and feeder steers 702 to 748 pounds brought $215 to $230.  Medium and Large 1 feeder heifers 500 to 542 pounds brought $222 to $252 and feeder heifers 604 to 646 pounds brought $210 to $225.

Cash hogs have no comparison at midday but moderate negotiated purchases. The higher cutout on Monday could provide a shot in the arm to prices today.  Processors may not be aggressive in their procurement efforts as inclement weather continues to create challenges.  Demand for US pork has been relatively strong on the global market, but there are long-term concerns.  Domestic demand has also been sluggish and that puts even more pressure on prices.   Barrows and gilts at the National Daily Direct have no comparison but a base range of $43 to $46 and a weighted average of $43.60.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $36. At Illinois, slaughter sow prices were $1 lower with moderate demand for moderate to heavy offerings at $26 to $38.  Barrows and gilts were steady with moderate demand for moderate offerings at $25 to $35.  Boars ranged from $10 to $20 and $5 to $10.

Pork values were higher at midday – up $.62 at $85.63.  Bellies and hams were sharply higher and higher.  Loins, ribs, butts, and picnics were lower to sharply lower.