Market News

Midday cash livestock markets

A light direct cash cattle trade has developed in Eastern Nebraska.  Dressed deals are at $178, which is steady with the bottom of Monday’s business.  These are marked for delayed delivery.  The rest of cattle country remains quiet to start the day.  Asking prices are at $118 to $120 plus live in the South and $190 plus dressed in the North.  There was a light trade that was reported yesterday in Nebraska and Iowa with a range of $178 to $187 dressed, mostly $187.  That’s steady to $3 lower than the bulk of last week’s business.  Some deals were reported in Kansas and Texas at $118, live, generally steady to $2 lower than the prior week’s weighted averages. 

Boxed beef is sharply lower at midday on light demand for light to moderate offerings.  Choice is $18.79 lower at $322.36 and Select is $21.31 lower at $295.52.  The Choice/Select spread is $26.84. 

At the Joplin Regional Stockyards in Missouri, compared to two weeks ago steers under 500 pounds and heifers under 550 pounds were steady to $5 higher.  Steers over 500 pounds were steady to $2 higher and heifers over 550 pounds were steady to $3 higher.  The USDA says demand was moderate to good on a heavy supply.  Receipts are up on the year.  Feeder supply is 60 percent steers and 50 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 593 pounds brought $150 to $163 and feeder steers 702 to 741 pounds brought $131 to $145.  Medium and Large 1 feeder heifers 550 to 599 pounds brought $128 to $156 and feeder steers 801 to 845 pounds brought $118 to $128.35. 

Cash hog prices at the major direct markets were not reported at midday due to confidentiality.  Supplies of market-ready barrows and gilts remain more than ample, but processors haven’t fully recovered daily slaughter capacity to pre-COVID-19 levels.  While chain speed is starting to increase, packers have to balance the available shackle space and labor force with the number of hogs ready to be processed and that’s not an easy task.  At the same time, trying to address the backlog in the supply chain.  The industry is still hopeful both domestic and global demand for US pork will remain strong as that will be a huge factor in keeping pork prices supported. 

Butcher hog prices at the Midwest cash markets are steady at $20.  At Illinois, slaughter sow prices were weak with light to moderate demand for moderate to heavy offerings at $7 to $20.  Barrow and gilt prices were weak with light demand for heavy offerings at $16 to $20.  Boars ranged from $1 to $5. 

Pork values are lower at midday – down $2.03 at $79.  Butts, picnics, and ribs are all sharply lower.  Bellies and hams are lower.  Loins are sharply higher.