Market News

Midday cash livestock markets

Direct cash cattle trade is off to a slow start again today.  Bids have yet to surface and a few asking prices have started to show up at $130 live and $212 dressed.  Significant trade volume will likely be delayed until the latter half of the week.  But – we have started to see business get underway as early as Wednesday recently – and that very likely could be the case again this week. 

Boxed beef is steady at midday on light demand for moderate offerings.  Choice is $.25 higher at $234.73 and Select is $.26 higher at $222.90. 

At the Joplin Regional Stockyards in Missouri – receipts are up on the week and down on the year.  Compared to last week – feeders sold steady to $3 higher, except heifers under 550 pounds which were steady to $2 lower.  The majority of cattle this week were steers and a much larger percent were over 600 pounds.  The USDA says demand was good and the supply was moderate.  Feeder supply included 54 percent steers and 46 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 511 to 547 pounds brought $177 to $184 and feeder steers 802 to 827 pounds brought $143 to $150.59.  Medium and Large 1 feeder heifers 616 to 640 pounds brought $150.75 to $153 and feeder heifers 704 to 749 pounds brought $134 to $140. 

Cash hogs opened weak with very light negotiated purchase totals.  The market has been doing a lot of back and forth. Supplies of ready barrows and gilts are ample. Prices have been moving lower on days where concerns about demand certainty outweigh the optimism that China will need to turn to the global market to meet its pork and protein needs. Other days – demand optimism is the driver behind the market and prices move higher. Buyers and sellers are also looking for any positive news to come out of trade talks. Barrows and gilts at the Iowa/Southern Minnesota opened $.61 lower with a range of $73 to $83 for a weighted average of $79.60.  Prices at the regional direct markets were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $55.  At Illinois, slaughter sow prices were steady at $44 to $60 with very good demand for light offerings.  Receipts are down on the week and the year.  Barrow and gilt prices were steady at $51 to $60 with good demand for moderate offerings. 

Pork values opened $1.30 higher at $89.16.  Picnics, ribs, and bellies were higher to sharply higher.  Butts and hams were steady.