Market News

Midday cash livestock markets

Direct cash cattle trade activity is quiet.  Asking prices are around $125 live in the South, but have yet to surface out of the North. Bids have been non-existent. It’s likely significant trade volume will be delayed until midweek or later. 

Boxed beef is mixed at midday on light to moderate demand for moderate offerings.  Choice is $.33 lower at $302.37 and Select is $1.63 higher at $276.01.  The Choice/Select spread is $26.36.   

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers were steady to $2 higher with heavier weights seeing the strongest demand.  Feeder heifers were steady to $3 lower.  The USDA says supply and demand were both moderate.  Receipts were up on the week and down on the year.  Feeder supply included 49% steers and 47% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 702 to 747 pounds brought $150 to $163 and feeder steers 804 to 847 pounds brought $148 to $154.  Medium and Large 1 feeder heifers 612 to 648 pounds brought $142.50 to $150 and feeder heifers 803 to 845 pounds brought $129 to $143.50. 

Cash hogs are lower at midday with fairly light negotiated purchases.  Processors continue to monitor the availability of market-ready hogs, which has been more than ample.  They’ve also been able to move their desired numbers without having to aggressively bid up.  There has been strong demand for US pork on the global market and domestically and the industry does expect that to continue.  But there is some uncertainty about the long-term demand picture, which is putting some pressure on prices.  Barrows and gilts at the National Daily Direct are $.99 lower with a base range of $71 to $76 with a weighted average of $75.14 and the Western Corn Belt had a weighted average of $74.94.  Prices at the Iowa/Minnesota and the Eastern Corn Belt were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $60. 

Pork values are higher at midday – up $1.63 at $113.58.  Bellies and loins are sharply higher.  Ribs are higher.  Picnics, hams, and butts are all lower to sharply lower.