Market News

Midday cash livestock markets

Another slow start for direct cash cattle business. Showlists for the week are mixed, lower in Texas, Nebraska, and Colorado, but higher in Kansas. Bids are slow to surface.  Asking prices are at $165 to $166 live in the South, while the North remains quiet.  It’s likely significant trade volume will develop until midweek or later. 

Boxed beef is higher at midday on solid demand for light offerings.  Choice is $.52 higher at $280.88 and Select is $.94 higher at $270.66.  The Choice/Select spread is $10.22.

At the Joplin Regional Stockyards in Missouri, compared to last week feeder steers under 475 pounds were steady to $4 lower with heavier weights steady to $3 higher.  Feeder heifers under 600 pounds were steady and heavier weights were steady to $3 lower.  The USDA says supply was heavy with good demand.  Receipts were down on the week but up on the year.  Feeder supply included 49% steers and 53% of the offering was over 600 pounds.  Medium and Large 1 feeder steers 605 to 633 pounds brought $215 to $233 and feeder steers 807 to 849 pounds brought $181 to $187.  Medium and Large 1 feeder heifers 653 to 698 pounds brought $187 to $194.25 and feeder heifers 708 to 728 pounds brought $184 to $192. 

Cash hogs are lower at midday with solid negotiated purchases.  Processors have been moving needed numbers this week without having to get aggressive in their procurement efforts and bid up.  The available supplies of market-ready hogs is giving packers a little more leverage.  While demand has remained relatively strong for US pork on the global market and domestically, there are concerns any hiccups to the global economy could weaken demand and send prices much lower.  Barrows and gilts at the National Daily Direct are $.58 lower with a base range of $75 to $77 and a weighted average of $75.45.  Prices at the regional direct markets were not reported due to confidentiality. 

Butcher hog prices at the Midwest cash markets were steady at $40. At Illinois, slaughter sow prices were $2 lower with moderate demand for moderate offerings at $43 to $55. Barrows and gilts were steady with moderate demand for moderate offerings at $46 to $58.  Boars ranged from $46 to $58. 

Pork values were weak at midday – down $.12 at $81.10.  Ribs were sharply lower.  Picnics, butts, and hams were lower.  Bellies and loins were higher.