Market News

Midday cash livestock markets

Direct cash cattle trade is quiet with a few token bids noted in parts in Nebraska at $172 dressed.  Asking prices have yet to be established, look for that to happen later today or sometime on Wednesday.  Tomorrow’s Fed Cattle Exchange has an offering of 1,103 head.  Significant trade volume isn’t expected to develop until the second half of the week.

At the close, at the Joplin Regional Stockyards in Missouri, receipts are up slightly on the week and the year.  Compared to last week, steer and heifer calves were $6 to $12 lower and yearlings were $3 to $6 lower.  The USDA says demand was moderate to light and supply was moderate.  Changing weather conditions combined with soft, new crop calves is creating some additional challenges.  Feeder supply included 49 percent steers and 38 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $148 to $168 and Medium and Large 1 feeder steers 600 to 700 pounds brought $158 to $165.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $133 to $151 and feeder heifers 600 to 700 pounds brought $140 to $150.50.

Boxed beef cutout values opened firm on moderate demand for light to moderate offerings.  Choice up $.52 at $205.32 and Select up $.95 at $192.84.  The Choice/Select spread is $12.48.

Cash hogs opened mixed with solid negotiated purchase numbers.  Support is wavering in the cash market.  There is a lot of pork entering a market that continues to struggle with demand uncertainty.  Slaughter runs have been large, and hogs have been at heavier weights.  While there have been additional cases of African Swine Fever reported in China, there is still question over the actual impact it has had on that country’s supply.

Barrows and gilts at the Iowa/Southern Minnesota opened $.15 higher with a range of $54 to $61 for a weighted average of $60.16; the Western Corn Belt opened $.16 higher with a range of $54 to $61 for a weighted average of $60.14; the Eastern Corn Belt had no comparison but traded in a range of $54 to $61 for a weighted average of $59.61; and the National Daily Direct opened $.46 lower with a range of $54 to $61 for a weighted average of $59.80.

Butcher hogs at the Midwest cash markets are steady at $40 and $42.  At Illinois, slaughter sow receipts are firmer at $25 to $37 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $35 to $43 with moderate demand for moderate offerings.

Pork cutout values opened firm – $.45 higher at $81.95.  The bellies, loins, and picnics were all higher while ribs, butts, and hams were weak to lower.