Market News

Monday midday cash livestock markets

It is pretty much the normal Monday routine in cattle country with buyers and sellers’ busy taking inventory for this week’s show lists. Bids and asking prices have yet to be determined but best early guesses are the new offerings will be priced around 123.00 to 124.00 live and 193.00 plus on the dressed. Margin stressed packers will probably hold off as long as they can before showing their hand. Boxed beef prices and demand will have to improve before price agreement is reached.

 Choice boxed beef in the morning report is up .58 at 184.99, and the select is down .28 at 169.30.

Feeder cattle receipts at the Joplin Regional Stockyards in Missouri totaled 4,000 head on Monday. Compared to last week, steer and heifer calves opened 1.00 to 2.00 higher. Yearling steers sold 1.00 to 3.00 higher and yearling heifers traded steady. Demand was moderate to good and supply was moderate. Feeder steers medium and large 1 weighing 500 to 600 lbs traded at 134.00 to 140.50. 5 to 6 weight heifers brought 124.00 to 130.00.

Barrows and gilts in the Iowa/Minnesota direct trade is down .58 at 92.66 on a carcass basis, the west is .33 lower at 92.18, and the East is down 1.18 at 92.36. Missouri direct base carcass meat price is steady to 1.00 higher from 86.00 to 87.00. Terminal hogs are steady to 1.00 higher from 61.00 to 64.00.

The weakness in both the cash hog price and pork cutouts Friday is not lost in the active outside market support over the weekend. Traders are looking for packers to try to aggressively cut costs, with short-term softness possible in pork values early in the week.

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