Market News

Midday cash livestock markets

There was zero direct cash cattle activity yesterday and none is expected today.  Tomorrow will be interesting.  There could be a flurry of activity right before the holiday break – but it will likely be late in the day after the slew of reports are released – Cold Storage, Livestock Slaughter, and Cattle on Feed.  We anticipate asking prices around $116 to $117 live and $178-plus dressed.

At the Joplin Regional Stockyards in Missouri, receipts were up on the week and down on the year.  Compared to the most recent sale, steer and heifer calves under 450 pounds were steady to firm, over 500 pounds were steady to $3 lower.  There were too few yearlings last week for a good comparison, but they did sell on a higher undertone.  Demand was moderate to good and the supply was moderate.  Feeder supply included 52 percent steers and 45 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 400 to 500 pounds brought $160 to $192 and feeder steers 600 to 700 pounds brought $140 to $150.  Medium and Large 1 feeder heifers 400 to 500 pounds brought $135 to $155 and feeder heifers 600 to 700 pounds brought $134 to $142.

Boxed beef cutout values are mixed at midday with moderate demand for light offerings.  Choice is $.77 higher at $214.16 and Select is $.01 lower at $198.56.  The Choice/Select spread is $15.60.

Cash hogs opened lower with light negotiated purchase totals.  Packers have been working to move larger numbers early on this week with the shortened holiday schedule.  The market continues to find a balance with the exceptionally large hog supply and demand uncertainty.  While there’s been some hope a trade deal with Mexico (and Canada) is in the works – it still needs to be ratified and pork is still being hit with a huge tariff.  Barrows and gilts at the Western Corn Belt opened $.86 lower with a range of $48 to $52 for a weighted average of $51.48 and the National Daily Direct opened $.52 lower with a range of $46 to $52.50 for a weighted average of $51.26.  The Iowa/Southern Minnesota and the Eastern Corn Belt were not reported due to confidentiality.

Butcher hogs at the Midwest cash markets are steady in Zumbrota, Minnesota at $33.  Dorchester, Wisconsin and Garnavillo, Iowa are closed this week.  At Illinois, slaughter sow receipts are down on the week and even on the year.  Prices are steady at $30 to $44 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $28 to $36 with moderate demand for moderate offerings.

Pork cutout values opened sharply lower – down $2.37 at $66.44.  All of the primals were lower, including a $7.66 drop in the bellies.  The loin and picnics were also sharply lower.