Market News

Midday cash livestock markets

Another slow start for direct cash cattle trade activity.  Bids have yet to surface and we saw just a few asking prices floated at $115 live and $180 dressed in parts of Nebraska.  Showlists this week are mixed – higher in Nebraska and Colorado, somewhat lower in Kansas, and lower in Texas.  Wednesday’s Fed Cattle Exchange has an offering of 768 head.  It’s likely significant trade volume will be delayed until midweek or later. 

Boxed beef is firm to higher on good demand for moderate offerings.  Choice is $.52 higher at $217.74 and Select is $1.14 higher at $190.47.  The Choice/Select spread is $27.27. 

At the close, at the Joplin Regional Stockyards in Missouri, receipts are up on the week and the year.  Compared to last week steer and heifer calves were mostly steady to $2 higher and yearlings were steady to $2 higher.  The USDA says demand was moderate for calves and good for yearlings.  The supply was moderate to heavy.  Feeder supply included 52 percent steers and 58 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 747 pounds brought $140 to $155 and feeder steers 900 to 936 pounds brought $133 to $142.50.  Medium and Large 1 feeder heifers 657 to 696 pounds brought $132 to $142.50 and feeder heifers 704 to 748 pounds brought $135 to $144.50. 

Cash hogs opened firm with very large negotiated purchase numbers.  Buyers are working hard to move hogs early in the week.  The industry is cautiously optimistic about the first phase of the US/China trade agreement in principle.  As long as demand remains strong there’s some support signals to move prices higher.  However, with the heavy supplies and slaughter runs creeping higher every day, should there be a disruption to demand – or demand potential – it would send hog prices tumbling.  Barrows and gilts at the Iowa/Southern Minnesota opened $.38 higher for a weighted average of $59.36; the Western Corn Belt opened $.40 higher for a weighted average of $59.21; the Eastern Corn Belt was not reported due to confidentiality; and the National Daily Direct opened $.59 higher with a base range of $53 to $62 for a weighted average of $58.75. 

Butcher hog prices at the Midwest cash markets are $4 higher at $40. 

Pork values are higher at midday – up $1.29 at $79.23.  Hams jumped $5.10 this morning.  Butts and bellies are higher to sharply higher.  Ribs are firm.  Loins and picnics are lower. 

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