Market News

Midday cash livestock markets

It was another quiet start for direct cash cattle business.  Packer inquiry has been limited and bids are elusive.  Asking prices are at $142 to $145 live in the South, while nothing has surfaced out of the North.  While some initial business could take place before the day is over, it’s likely that significant trade volume will be delayed until Midweek or later. 

Boxed beef is higher at midday on strong demand for solid offerings.  Choice is $1.88 higher at $266.34 and Select is $1.09 higher at $240.81.  The Choice/Select spread is $25.53. 

At the close, at the Joplin Regional Stockyards in Missouri, compared to last week feeder steers and feeder heifers were steady to $5 higher.  The USDA says supply was met with very good demand.  Receipts were up on the week but down slightly on the year.  Feeder supply included 48% steers and 57% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 647 pounds brought $186.50 to $196 and feeder steers 979 to 992 pounds brought $162 to $163.  Medium and Large 1 feeder heifers 555 to 596 pounds brought $169 to $180 and feeder heifers 654 to 698 pounds brought $169 to $177. 

Cash hogs opened sharply higher with solid negotiated purchases.  Processors were aggressive in their procurements to start the day and bid up to move their desired numbers.  Demand for US pork on the global market has been strong overall, helping provide price support.  The industry continues to monitor the availability of market-ready hogs. Barrows and gilts at the National Daily Direct are $5.73 higher with a base range of $114 to $135 and a weighted average of $120.55.  Prices at the Regional Direct Markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets are steady at $75. 

Pork values are higher at midday – up $.37 at $125.28.  Bellies are sharply higher.  Hams and ribs were higher.  Loins, butts, and picnics are lower to sharply lower.