Market News

Midday cash livestock markets

Direct cash cattle trade is quiet as bids and asking prices are not established.  That isn’t expected to happen until later in the week.  This week’s offering is mixed – larger in Texas, but smaller in Kansas, Nebraska, and Colorado.  Significant trade volume isn’t expected to unfold until Wednesday afternoon – at the earliest.  Tomorrow’s Fed Cattle Exchange has an offering of just 359 head.

At the close, at the Joplin Regional Stockyards in Missouri, receipts are down on the week and up on the year.  Compared to last week steer and heifer calves under 500 pounds and yearling steers over 700 pounds were steady to $3 higher.  Steers 500 to 700 pounds were steady, heifer calves over 500 pounds and yearling heifers $2 to $6 higher.  The USDA says demand was good and supply was moderate.  Rain and cooler temperatures provided some relief for producers.  Feeder supply included 51 percent steers and 51 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $157 to $176 and feeder steers 700 to 800 pounds were priced $145 to $159.50.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $144 to $170 and feeder heifers 700 to 800 pounds were priced $135 to $144.50.

Boxed beef cutout values mixed – weak on choice and sharply higher on select.  Choice down $.05 at $213.93 and Select up $2.03 at $204.32.  The Choice/Select spread is $9.61.

Cash hogs opened weak.  There is still some concern about the large supply and weak demand picture.  However, slaughter totals also took a step back yesterday.  There are some outside factors that could be helping to limit losses.  A third case of African Swine Fever has been found in a third province in China and the US and China are supposed to begin talks on the ongoing trade issues.  While those talks are low-level, they could eventually be supportive of prices.

Barrows and gilts at the Iowa/Southern Minnesota are $.34 lower with a range of $39 to $40 for a weighted average of $39.95; the Western Corn Belt opened $.44 lower with a range of $37 to $40 for a weighted average of $39.78; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.64 lower with a range of $37 to $40 for a weighted average of $39.54.

Butcher hogs at the Midwest cash markets are steady in Dorchester, Wisconsin and Garnavillo, Iowa at $27.  The market at Zumbrota, Minnesota is not established yet.

At Illinois, slaughter sow receipts are down on the week and the year.  Prices are weaker at $17 to $32 with light to moderate demand for moderate offerings.  Boars under 300 pounds are $10 to $15 and boars over $300 pounds are $5 to $8.  Barrows and gilts are steady at $18 to $30 with light to moderate demand for moderate offerings.

Pork cutout values are weak at the midday – down $.32 at $66.86.  The primals are mixed with the picnics, loins, and bellies all lower.  Butts and hams are firm and ribs are higher.