Market News

Midday cash livestock markets

Direct cash cattle trade activity is typical for a Tuesday – quiet.  Bids and asking prices are still poorly defined.  The end of the week will give us final Cattle on Feed, livestock slaughter, and cold storage numbers for the year.  Significant trade volume will likely be delayed until those numbers are released.

Boxed beef is higher at midday on good demand for light to moderate offerings.  Choice is up $1.06 at $213.73 and Select is $1.40 higher at $205.16.  The Choice/Select spread is $8.57.

At the Joplin Regional Stockyards in Missouri, receipts were down slightly on the week and on the year.  Compared to last week steers and heifers were steady to $3 higher.  The USDA says demand was good and supply was moderate.  Feeder supply included 49 percent steers and 47 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 603 to 648 pounds brought $142.50 to $151 and feeder steers 755 to 785 pounds brought $140 to $148.50.  Medium and Large 1 feeder heifers 502 to 545 pounds brought $131 to $147 and feeder heifers 620 to 646 pounds brought $128 to $146.75.

Cash hogs opened mixed with light negotiated purchase totals.  This is the last full week of 2018 and we expect another big week of slaughter runs.  With the ample supply of ready barrows and gilts, packers are in the driver’s seat when it comes to setting prices – especially as the demand picture remains unclear.  Barrows and gilts at the Western Corn Belt are $.75 lower with a range of $41 to $45.50 for a weighted average of $44.99 and the National Daily Direct is $.54 higher with a range of $41 to $47.16 for a weighted average of $46.76.  Prices at 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 Dorchester, Wisconsin at $36.

At Illinois, slaughter sow receipts are up on the week and the year.  Prices are steady at $22 to $40 with moderate demand for moderate offerings.  Barrow and gilt prices are steady at $26 to $34 with moderate demand for moderate offerings.

Pork values opened sharply higher – up $2.35 at $74.31.  The bellies jumped $8.72 at the open and the picnics up $4.50.  Ribs, butts, and hams ware all higher. Loins are firm.