Market News

Midday cash livestock markets

There’s a very light direct cash cattle trade that’s underway.  A handful of sales have been reported at a regional market in Nebraska at $191 dressed.  Asking prices are around $120 live in the South, while they North remains quiet.  Bids have yet to surface.  While we could see a little more business take place today, expect the bulk of the week’s business to develop in the last half of the week. 

Boxed beef is sharply higher at midday on good demand for light offerings.  Choice is $2.84 higher at $311.95 and Select is $2.59 higher at $296.35.  The Choice/Select spread is $15.60.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady and feeder heifers were steady to $4 higher.  The USDA says supply was moderate with good demand.  Receipts were down on the week and the year.  Feeder supply included 51 percent steers and 41 percent of the offering was over 600 pounds.  Medium and Large 1 feeder steers 550 to 582 pounds brought $162.50 to $154 and feeder steers 904 to 926 pounds brought $122 to $126.10.  Medium and Large 1 feeder heifers 503 to 543 pounds brought $136 to $144 and feeder heifers 661 to 695 pounds brought $132 to $135.50. 

Cash hogs are mixed at midday with solid negotiated purchases.  Packers remain aggressive in their procurement efforts and have been bidding up in some instances to move their desired numbers.  They’re also keeping a close eye on the availability of market-ready barrows and gilts.  Demand for US pork has been strong on the global market and domestically and that’s been providing some price support and the industry expects that to continue. Barrows and gilts at the National Daily Direct are $2.41 higher with a base range of $105.76 to $125 and a weighted average of $111.71; the Iowa/Minnesota is $2.24 lower with a weighted average of $118.62; the Western Corn Belt is $1.02 lower with a weighted average of $119.86.  The Eastern Corn Belt was not reported due to confidentiality. 

Butcher hog prices at the Midwest cash market are steady at $77. At Illinois, slaughter sow prices were steady with moderate demand for light to moderate offerings at $52 to $62.  Barrow and gilt prices were $1 lower with good demand for heavy offerings at $75 to $80.  Boars ranged from $40 to 445 and $15 to $20. 

Pork values are higher at midday – up $.55 at $113.71.  Hams and loins are both higher.  Bellies and butts are lower.  Ribs and picnics are about steady.