Market News

Midday cash livestock markets

Direct cash cattle trade is quiet again through midday.  There are just a few starter asking prices surfacing at $109 to $110 live in the South and $178 dressed in the North.  Bids have yet to be floated.  It’s likely significant trade volume will be delayed until the latter half of the week. 

Boxed beef is higher to sharply higher at midday on good demand for light to moderate offerings.  Choice is up $3.50 at $242.63 and Select is $.45 higher at $214.97.  The Choice/Select spread is $27.66. 

At the close at the Joplin Regional Stockyards in Missouri, receipts are down on the week and the year.  Compared to last week, feeder steer and heifer calves were steady on a limited test, yearling steers were $1 to $2 higher, yearling heifers were steady.  The USDA says demand was moderate to good and supply was light.  Feeder supply includes 55 percent steers and 54 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 773 to 798 pounds brought $135 to $139 and feeder steers 853 pounds brought $135.  Medium and Large 1 feeder heifers 475 to 496 pounds brought $136 to $141.50 and feeder heifers 712 to 733 pounds brought $123 to $129. 

Cash hogs opened lower to sharply lower with moderate negotiated purchase numbers.  Heavy supplies and uncertain demand continue to put pressure on prices.  While there is hope that demand will shore up for US pork on the global market, the fact that it has yet to materialize has the market struggling to change directions.  Barrows and gilts at the Iowa/Southern Minnesota are $.93 lower for a weighted average of $70.82; the Western Corn Belt is $1.30 lower for a weighted average for $69.99; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $1.64 lower for a base range of $58 to $72.50 for a weighted average of $68.14. 

Butcher hog prices at the Midwest cash markets were not available at midday. 

Pork values are weak at midday – down $.87 at $84.11.  Hams, picnics, and loins are all lower.  Butts are weak.  Ribs are firm and bellies are higher.