Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start this week.  Most of today’s action is limited to the distribution of new showlists.  The offering is expected to be steady with last week.  However, asking prices will likely be higher following the strong finish to the week.  Look for asking prices at $112 to $113.50 live – about $4.50 to $8 higher and $175 to $180 dressed – about $5 to $10 higher.  Don’t look for business to pick up until midweek or later.

At the open at the Joplin Regional Stockyards in Missouri, receipts are down on the week and up on the year.  Compared to a week ago, steer calves were steady to weak and heifer calves were steady.  Yearlings were steady on a limited early test.  The USDA says demand and supply are moderate.  Feeder supply included 49 percent steers and 40 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds are $158 to $173 and feeder steers 700 to 800 pounds are at $146 to $155.  Medium and Large 1 feeder heifers 500 to 600 pounds are $145 to $156 and feeder heifers 700 to 800 pounds are at $137 to $142.

Boxed beef cutout values opened mixed on light to moderate box movement.  Choice is $.39 lower at $207.64 and Select is $.39 higher at $199.10.  The Choice/Select spread it $8.54.

Cash hogs were called steady to $1 lower.  The market is watching the availability of ready barrows and gilts.  While supply isn’t expected to increase any time soon – and have likely hit their seasonal peak. Buyers and sellers continue to monitor pork demand.  China has implemented its additional 25 percent tariff on imported US pork bringing the total tax to greater than 70 percent.  With this exceptionally large hog supply – any disruption to demand would be costly to US pork producers.  Prices at the major regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $52 to $60.  At Illinois, slaughter sow receipts are $1 to $3 lower at $32 to $42 with moderate demand for heavy offerings.  Barrows and gilt prices are firm at $45 to $54 with moderate demand for moderate offerings.

Pork cutout values are sharply higher at midday – up $1.45 at $86.97.  The primals are mostly higher – led by the sharp moves up in the bellies, hams, and ribs.  The loins and the picnics were weak at midday.

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