Market News

Midday cash livestock markets

Direct cash cattle trade has been fairly quiet this morning.  A few bids have surfaced at $109 live and $175 dressed.  Asking prices are at $112 to $115 live and $185 to $186 dressed.  We could start to see some starter business develop this afternoon – but the majority of deals are expected to come in the second half of the week. 

Boxed beef is mixed at midday, steady on Choice and firm on Select, with moderate demand for moderate offerings.  Choice is $.03 lower at $221.79 and Select is $.49 higher at $203.  The Choice/Select spread is $18.79. 

At the close, at the Joplin Regional Stockyards in Missouri, receipts are down on the week and the year.  Compared to last week, steer and heifer calves were steady to $3 higher and yearlings were steady.  However, 6-weight heifers were $3 to $5 higher.  The USDA says demand was moderate to good and supply was moderate.  Feeder supply included 51 percent steers and 35 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 553 to 578 pounds brought $146 to $150 and feeder steers 607 to 644 pounds brought $140 to $150.  Medium and Large 1 feeder heifers 514 to 548 pounds brought $135 to $148 and feeder heifers 553 to 594 pounds brought $129 to $149. 

Cash hogs opened lower with very light to light negotiated purchase totals.  The market is focused on demand right now – but the uncertainty is limiting any potential moves higher.  There is still some expected increases in global demand for pork as China continues to struggle with African Swine Fever, but the uncertainty surround the trade situation with China is adding pressure to prices.  Supplies of market-ready hogs are ample and slaughter runs have been large – which is adding more pork to a market that is already saturated.  Barrows and gilts at the National Daily Direct are $1.37 lower with a base range of $67 to $76 for a weighted average of $74.77.  Prices at the major directs were not reported at midday due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $54.  At Illinois, slaughter sow prices were $2 lower at $24 to $38 with light to moderate demand for very heavy offerings.  Barrow and gilt prices were steady at $47 to $51 with moderate demand for moderate offerings. 

Pork values opened higher – up $1.64 at $84.61.  Bellies jumped $9.07 this morning.  Butts and hams were firm to higher.  Picnics and loins steady. 

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