Market News

Midday cash livestock markets

 

Direct cash cattle markets are quiet. Asking prices are reported at $132+ on the live basis with scattered bids at $127 live and $205 dressed. Widespread business not expected to develop until Thursday or Friday, maybe even waiting until after the Cattle on Feed report Friday afternoon. Analysts generally expect the USDA to report strong January marketings and a higher on feed total. This week at the Fed Cattle Exchange, 218 head were on offer, all from Kansas, and there were no sales for the second week in a row. Offers on 91 head at $126.25 were passed.

Boxed beef at midday was higher on light to moderate movement. Choice was up $1.93 at $217.85 and Select was $.85 higher at $211.25.

At the Joplin Regional Stockyards in Carthage, Missouri, Tuesday, compared to the previous week, feeder steers weighing less than 700 pounds were $2 to $7 higher, while steers weighing more than 700 pounds were steady to $2 higher. All weights of heifers were steady to $3 higher. The USDA says demand was good for a heavy supply. 51% of the feeder supply were steers and 56% of the offering weighed more than 600 pounds. Medium and Large 1 feeder steers weighing 600 to 700 pounds were reported at $150 to $177.50 and 700 to 800 pound steers sold at $140 to $156. Medium and Large 1 feeder heifers weighing 600 to 700 pounds brought $137 to $154 and 700 to 800 pound heifers ranged from $130 to $144.50.

Cash hogs are steady to lower. Buyers remain focused on improving their margins, watching market ready numbers and wholesale demand. Some areas may see a short term disruption in movement from winter weather, but the overall impact is expected to be limited. Early estimates for Saturday’s slaughter are around 100,000 head. The average Iowa/Southern Minnesota hog weight for the week ending February 17th was 285.1 pounds, up 0.2 on the week and 3.8 on the year.

Pork at midday was $.41 lower at $79.31. Loins, butts, picnics, and hams were weak to sharply lower. Ribs were firm and bellies were sharply higher.

National direct barrows and gilts opened $.23 lower at $57 to $64.16 with a weighted average of $64.06. Iowa/Southern Minnesota, the Western Cornbelt, and Eastern Cornbelt were not reported due to confidentiality. Butcher hogs at the Midwest cash markets are mostly steady with an instance of $2 lower at $41 to $48. Missouri direct butchers are steady at $61 to $62 on light to moderate supply and demand. Sows are steady at $38 to $54. Illinois direct sows are $1 lower at $42 to $58 on moderate demand for moderate to heavy offerings. Barrows and gilts are weak at $40 to $46 on light to moderate demand for moderate offerings. Boars range from $10 to $28.