Market News

Midday cash livestock markets

Direct cash cattle trade is quiet.  Both bids and asking prices are not well established.  This week’s show lists looked mixed, but steady overall with more ready numbers in Colorado, Kansas, and Nebraska and fewer in Texas.  Significant trade volume isn’t expected to happen until midweek or later.  The market is also looking the Friday’s Cattle on Feed and Inventory numbers.

At the close, at the Joplin Regional Stockyards receipts are up on the week and the year.  Compared to last week, steer and heifer calves are $2 to $5 lower with yearlings $1 to $4 lower.  The USDA says demand was moderate and supply heavy.  The dry, hot weather has curbed the demand for calves.  Feeder supply included 54 percent steers and 39 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers, 400 to 500 pounds brought $164 to $181 and feeder steers 600 to 700 pounds brought $150 to $163.   Medium and Large 1 feeder heifers 400 to 500 pounds brought $142 to $162 and feeder heifers 600 to 700 pounds brought $132 to $151.

Boxed beef cutout values opened sharply higher on light to moderate box movement.  Choice is up $1.24 at $205 and Select is up $1.60 at $197.27.  The Choice/Select spread is $7.73.

Cash hogs opened sharply lower.  The week started slow as buyers are watching chain speed and the availability of ready numbers. Slaughter totals have remained well above year ago-levels.  But, the market remains nervous with this large hog supply, especially as it faces demand uncertainties with the continued negative trade rhetoric.

Barrows and gilts at the Iowa/Southern Minnesota opened $1.25 lower with a range of $70.00 to $72.50 for a weighted average of $71.47; the Western Corn Belt opened $1.25 lower with a range of $70.00 to $72.50 for an average of $71.47; the Eastern Corn Belt was not reported due to confidentiality; the National Daily Direct opened $1.26 lower with a range of $70.00 to $72.50 and an average of $71.50.

Butcher hogs at the Midwest cash markets are $2.00 lower at $46 to $48.

At Illinois, slaughter sow receipts are down on the week and the year.  Prices are steady at $27 to $38 with light to moderate demand for moderate offerings.  Barrows and gilts are $1 lower at $44 to $51 with moderate demand for moderate offerings. 

Pork cutout values opened sharply higher at $1.15 at $84.52.  The primals are sharply higher – led by the hams, ribs, loins, and bellies.  Butts and picnics were lower at the open.