Market News

Midday cash livestock markets

Direct cash cattle trade is fairly quiet this morning.  There’s been some testing of the water with scattered bids in Eastern Nebraska at $174.  Asking prices have yet to be established.  Look for significant trade volume to develop sometime after Wednesday as several came into the week short-bought – especially after last week’s slow business in the South.

At the Joplin Regional Stockyards, receipts are up on the week and the year.  Compared to last week, steers and heifers were mostly firm to $5 higher with spots of $10 higher on weaned consignments.  The better weather conditions helped to support the calf market.  The USDA says supply was moderate and demand was moderate to good.  Feeder supply included 45 percent steers and 40 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 500 to 600 pounds brought $150 to $175 and feeder steers 600 to 700 pounds brought $158 to $175.  Medium and Large 1 feeder heifers 500 to 600 pounds brought $146 to $156.50 and feeder heifers 600 to 700 pounds brought $142.50 to $151.

Boxed beef cutout values opened mixed with moderate demand for moderate offerings.  Choice up $1.27 at $210.55 and Select up $196.95.  The Choice/Select spread is $13.60.

Cash hogs opened firm with strong negotiated purchase numbers.  With the large slaughter numbers, packers have the upper hand. Hog weights have been on the rise and that, combined with larger slaughter runs, adds more pork to a market that continues to struggle with demand certainty.  More cases of African Swine Fever continue to surface.  Should it cause a major disruption to the global pork supply, it could eventually provide support to US pork prices.  Barrows and gilts at the Iowa/Southern Minnesota opened $.56 higher with a range of $51 to $58.50 for a weighted average of $58.19; the Western Corn Belt opened $.61 higher with a range of $51 to $58.50 for a weighted average of $58.15; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.05 higher with a range of $51 to $58.50 for a weighted average of $57.99.

Butcher hogs at the Midwest cash markets are $1 and $2 lower at $37 and $42.  At Illinois, slaughter sow receipts are down on the week and the year.  Prices are $1 higher at $29 to $42 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $32 to $42 with moderate demand for moderate offerings.

Pork cutout values are steady up $.04 at $78.43.  The hams and butts were higher, the bellies were steady, the loins, ribs, and picnics were lower.