Market News

Midday cash livestock markets

Direct cash cattle trade is quiet and both bids and asking prices are not well established.  There have been reports that asking prices could start around $116 live and $185 dressed.  Significant trade volume could be delayed until the latter part of the week.

At the Joplin Regional Stockyards, at the close receipts are up on the week and the year.  Compared to last week’s auction steer and heifers were steady to $3 lower.  The USDA says demand and supply are moderate.  Most of the trade area is desperate for precipitation and pastures conditions are declining and producers are concerned about stock water.  Feeder supply included 44 percent steers and 46 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $158 to $182.50 and feeder steers 800 to 900 pounds brought $138 to $149.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $145 to $156 and feeder heifers 800 to 900 pounds brought $124 to $125.

Boxed beef cutout values are mixed on light to moderate box movement.  Choice up $.50 at $207.42 and Select down $.01 at $198.61.  The Choice/Select spread is at $8.81.

Cash hogs opened lower.  Buyers and sellers are monitoring pork demand. Stepped-up tariffs with some of the largest importers of US pork have been implemented and a cloud of uncertainty surrounds demand.  With this exceptionally large hog supply – any disruption to trade would be costly to US pork producers.  Barrows and gilts at the Iowa/Southern Minnesota opened $.46 lower with a range of $69 to $77 for a weighted average of $76.97; the Western Corn Belt opened $.51 lower with a range of $69 to $77 for a weighted average of $76.33; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.23 lower with a range of $69 to $77 for a weighted average of $76.21.

Butcher hogs at the Midwest cash markets are steady to $1 lower at $51 to $60.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are weak at $32 to $42 with moderate demand for heavy offerings.  Barrow and gilt prices are steady at $45 to $54 with moderate demand for moderate offerings.

Pork cutout values are weak at the midday – down $.50 at $84.89.  The primals are mixed with declines in the hams and the ribs and gains in the butts, picnics, loins, and bellies.