Market News

Midday cash livestock markets

Direct cash cattle trade activity is off to a quiet start.  Bids and asking prices have yet to surface.  This week’s showlists are mixed – higher in Texas, slightly lower in Kansas, and lower in Nebraska and Colorado.  Significant trade volume will likely be delayed until the latter half of the week. 

Boxed beef is firm at midday – up $.37 at $213.69 and Select is $.44 higher at $190.03.  The Choice/Select spread is $23.66.

At the close, at the Joplin Regional Stockyards in Missouri, receipts were down on the week and the year.  Compared to last week, steer and heifer calves were steady to $4 higher.  Yearlings were steady.  Feeder supply included 54 percent steers and 58 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 661 to 695 pounds brought $144 to $153 and feeder steers 858 to 890 pounds brought $135 to $138.50.  Medium and Large 1 feeder heifers 553 to 593 pounds brought $137 to $151 and feeder heifers 601 to 617 pounds brought $125 to $129.

Cash hogs opened sharply higher with moderate negotiated purchase numbers.  Packers have been working harder to move their desired numbers this week.  Demand optimism has returned to the market.  There is renewed hope demand for US pork will increase on the global market as China struggles to control the spread of African Swine Fever and it is starting to have a serious impact on their hog herd.  The market continues to watch how trade talks with China unfold as they head back to the table next week.  And the market is also looking ahead to Thursday’s Livestock Slaughter report.  Barrows and gilts at the Iowa/Southern Minnesota opened $2.10 higher with a range of $70 to $82 for a weighted average of $80.86 and the National Daily Direct is $.94 higher with a range of $64 to $82 for a weighted average of $77.03.  Prices at the Western Corn Belt and the Eastern Corn Belt were not reported due to confidentiality. 

At Illinois, slaughter sow prices were steady at $20 to $31 with moderate to good demand for heavy offerings.  Receipts were up on the week and the year.  Barrow and gilt prices were $2 to $4 higher at $47 to $53 with good demand for moderate offerings. 

Pork values opened lower – down $1.72 at $78.89.  Bellies dropped $10.50 this morning.  Butts and loins are weak to lower.  Picnics are steady.  Ribs and hams are higher.