Market News

Midday cash livestock markets

Direct cash cattle trade activity is starting the week off quiet.  Bids and asking prices have yet to surface.  We may not see those develop until after tomorrow’s Fed Cattle Exchange.  This week’s showlists appear to be larger in Kansas, Colorado, and Nebraska, but smaller in Texas. Significant trade volume will likely be delayed until the latter half of the week. 

Boxed beef opened firm with moderate demand for moderate offering.  Choice is $.69 higher at $229.69 and Select is $.54 higher at $219.27.  The Choice/Select spread is $10.42. 

At the close, at the Joplin Regional Stockyards in Missouri – receipts are down slightly on the week and up on the year.  Compared to last week, steer calves were $3 to $5 higher, heifer calves and yearlings were steady to $3 higher.  The USDA says demand was good and supply was moderate to heavy.  Feeder supply included 49 percent steers and 38 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 598 pounds brought $162 to $192 and feeder steers 600 to 648 pounds brought $156 to $173.  Medium and Large 1 feeder heifers 556 to 594 pounds brought $150 to $170 and feeder heifers 704 to 749 brought $135 to $144. 

Cash hogs opened sharply higher with solid negotiated purchase totals.  The market looks like it is stuck on repeat right now.  China continues to be the driving force behind the surging cash markets.  African Swine Fever hasn’t been controlled and as the disease spreads, China is having to look elsewhere on the global market for pork.  Which is supportive to prices.  The market also continues to watch progress with trade negotiations with China – those resume on Thursday.  Supplies of ready barrows and gilts remain ample and slaughter runs continue to hit record or near record numbers almost daily. 

Barrows and gilts at the Iowa/Southern Minnesota opened $2.15 higher with a range of $66 to $76 for a weighted average of $73.56; the Western Corn Belt opened $2.22 higher with a range of $62 to $76 for an average of $73.26; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct is $2.61 higher with a range of $62 to $76 for a weighted average of $71.73.

Butcher hog prices at the Midwest cash markets are steady today at $45 and $46. 

At Illinois, slaughter sow prices are mostly steady at $28 to $42 with light to moderate demand for light offerings.  Receipts are down on the week and the year.  Barrow and gilt prices are $2 higher at $40 to $48 with good demand for moderate offerings. 

Pork values are higher at midday – up $1.10 at $81.30.  All of the primals, except the loin, are firm to higher.