Market News

Midday cash livestock markets

Direct cash cattle trade has been quiet with bids and asking prices not well defined.  There have been some reports of steers and heifers priced around $115 in parts of the South.  Look for significant trade activity to be delayed until at least Thursday.

At the close, at the Joplin Regional Stockyards in Missouri, receipts are down slightly on the week and up on the year.  Compared to last week’s auction steer calves and yearlings steady to $3 higher, heifer calves steady to $2 lower.  The USDA says demand was moderate to good with heavy supply.  Feeder supply included 50 percent steers and 37 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $161 to $184 and steers 700 to 800 pounds brought $138 to $150.50.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $137 to $151 and heifers 800 to 900 pounds brought $117 to $120.50.

Boxed beef cutout values are lower at midday on light box movement.   Choice down $.46 at $220.25 and Select down $1.26 at $202.94.  The Choice/Select spread is at $17.31.

Cash hogs were called steady this morning.  Processing margins have narrowed as the cost of live inventory has been on the rise.  Buyers tried to move large numbers of hogs with lower bids and weren’t successful.  Expect bids to bounce back as they try again.  Hot temperatures are also supportive to prices as they are contributing to the already shrinking available numbers.  It goes without saying – the market is still nervous with the large supply of hogs and the continued negative trade rhetoric.

Prices at all the major regional direct markets were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady at $53 to $58.  At the Interior Missouri Direct, receipts are up on the week and down on the year.  Barrows and gilts are steady at $65 to $69 with light to moderate supply and demand.  Sows are steady at $34 to $44. At Illinois, slaughter sow receipts are down slightly on the week and up on the year.  Sow prices are $1 higher at $36 to $51 with moderate demand for moderate offerings.  Barrows and gilts are steady at $51 to $59 with moderate demand for moderate offerings.

Pork cutout values are firm at midday up $.30 at $84.71.  The primals are mostly higher – led by the butts and the ribs.  The belly, the only cutout lower, is down $2.68.

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