Market News

Midday cash livestock markets

Direct cash cattle trade is off to another quiet start.  There a just a few scattered bids on the table in parts of Nebraska at $181 dressed.  Early asking prices have surfaced at $118+ live in the South and $185 to $188 dressed in the North.  Significant trade volume will likely be delayed until latter half of the week. 

Boxed beef is higher to sharply higher on midday on good demand for moderate offerings.  Choice is $1.46 higher at $240.05 and Select is $3.12 higher at $216.81.  The Choice/Select spread is $23.24. 

At the close, at the Joplin Regional Stockyards in Missouri, receipts are up on the week and the year.  Compared to last week’s sale, steers under 700 pounds were steady, steers over 700 pounds were steady to $4 higher.  Heifers under 650 pounds were $3 to $5 lower and heifers over 650 pounds were unevenly steady.  The USDA says demand was good and supply was heavy.  Feeder supply included 54 percent steers and 47 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 652 to 688 pounds brought $142.50 to $162 and feeder steers 708 to 741 pounds brought $143 to $159.  Medium and Large 1 feeder heifers 558 to 598 pounds brought $125 to $141 and feeder heifers 661 to 696 pounds brought $134 to $148. 

Cash hogs opened steady with moderate negotiated purchase numbers.  The cash market continues to be driven by the supply and demand picture as the heavy supplies continue to put pressure on prices.  While there is still some demand optimism, the lack of certainty surrounding trade talks with China has the market worried.  There had been expectations that demand for US pork would increase significantly on the global market, but that has yet to be realized and until it does it will be very difficult for prices to turn around and move higher for a prolonged period.  Supplies of ready barrows and gilts remain more than ample, and slaughter runs continue to push higher.  Both add more pork to an already saturated market. 

Barrows and gilts at the National Daily Direct are $.12 lower with a base range of $40 to $43.09 for a weighted average of $42.47.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady to $2 lower at $34 to $36. 

Pork values opened higher – up $2.73 at $89.07.  Hams and picnics were sharply higher at midday.  Butts, loins, and bellies were all higher.  Ribs were weak.