Market News

Midday cash livestock markets

It’s another quiet start for direct cash cattle trade activity.  Some early asking prices have surfaced at $145 live in the South, but the North has yet to reveal anything.  There has been one live bid floated at $143 in Kansas, while the rest of cattle country has been quiet.  Significant trade volume will likely be delayed until Wednesday or Thursday. 

Boxed beef is mixed at midday with light to moderate demand for solid offerings.  Choice is $1.07 higher at $248.91 and Select is $1.27 lower at $222.08. The Choice/Select spread is $26.83. 

At the Joplin Regional Stockyards in Missouri, compared to last week, feeder steers under 600 pounds were $9 to $15 lower and heavier weights were $2 to $8 lower.  Feeder heifers were $3 to $6 lower. The USDA says supply and demand was moderate.  Receipts were up on the week and the year.  Feeder supply included 58% steers and 55% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 577 to 594 pounds brought $182 to $187.50 and feeder steers 936 to 949 pounds brought $162.50 to $165.  Medium and Large 1 feeder heifers 551 to 592 pounds brought $164.50 to $170 and feeder heifers 602 to 649 pounds brought $164 to $169. 

Cash hogs opened are mixed with solid negotiated purchases to start the day. Processors are moving relatively large numbers without having to get too aggressive in their procurement efforts.  From producers to traders, all eyes are on Thursday’s Quarterly Hogs and Pigs report from the USDA.  Demand overall has held strong, but there are long-term concerns about a slowing broader economy. Barrows and gilts at the National Daily Direct are $.06 higher with a base range of $82 to $99 and a weighted average of $90.51; the Iowa/Minnesota is $5.77 lower with a weighted average of $92.02; the Western Corn Belt is $4.59 lower with a weighted average of $93.20.  Prices at the Eastern Corn Belt were not reported due to confidentiality.

Butcher hog prices at the Midwest cash markets are steady at midday at $66. At Illinois, slaughter sow prices were steady with light demand for light offerings at $58 to $70.  Barrows and gilts were steady with moderate demand for moderate offerings at $60 to $69.  Boars range from $39 to $41 and $9 to $19. 

Pork values are firm at midday – up $.61 at $102.07.  Hams are sharply higher.  Ribs, picnics, and butts are higher.  Loins are lower and bellies are sharply lower.