Market News

Boxed beef values close higher but pork was down

The feedlot cattle trade is at a standstill on Tuesday and bids and asking prices are not clearly defined. Packers are watching their margins and producers have their eye on the direction of the futures trade and the sharply higher beef prices . Trade could be delayed until late in the week. Asking prices appear to be around 123.00 plus live and 194.00 plus dressed. The slaughter totaled 131,000 cattle, 1,000 more than last week and last year.

Boxed beef values were higher on good demand and moderate offerings. Choice beef was up 2.21 at 186.79, and select was 1.23 higher at 168.56.

Live cattle contracts settled 30 to 115 points lower on the Chicago Mercantile Exchange on Tuesday. The weaker stock and outside markets weighed on livestock futures. The market showed some recovery from early sharp losses due to the sharply higher boxed beef values at midday.  October settled .85 lower at 122.10, and December was down .90 at 121.97.

Feeder cattle ended the session 20 to 120 points lower on spillover weakness from the live pit. Trade volume was extremely light across the complex. October settled .20 lower at 139.65, and November was down 1.00 at 141.80.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 5680 head. Compared to last week, steer and heifer calves weighing less than 450 pounds were steady to 5.00 higher; calves weighing over 450 pounds were steady to 4.00 lower with only the weaned calves steady, yearlings were steady. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 131.00 to 140.00, 6 to 7 weights from 142.00 to 148.50. 500 to 600 pound heifers brought 118.00 to 131.00 per hundredweight and 6 to 7 weights traded from 123.00 to 137.50 at Joplin, Missouri.

Lean hogs settled 25 to 120 points in the red on lower wholesale pork prices. Weakness in the stock and other commodity markets were also factors in the lower close. December was down .97 at 87.85, and February was down 1.02 at 91.15.

Hog market activity was slow with light demand on Tuesday afternoon. Iowa/Minnesota barrows and gilts closed 2.02 lower at 88.80 on a carcass basis, the west was down 2.46 at 88.27, and the East was .63 lower at 90.31. The Missouri direct base carcass meat price held steady from 83.00 to 87.00. Terminal hogs closed fully steady from 60.00 to 64.00 live.

Pork trading was moderate, with mostly moderate demand and moderate to heavy offerings. Pork carcass value was down 2.03 at 97.43.

Tuesday’s hog kill was estimated at 432,000 head, 3,000 more than last week, and 9,000 greater than last year. Saturday’s slaughter is expected to be around 180,000 head. The market could experience weakness for the short term, because of the seasonally larger numbers coming to market, but hog demand is expected to remain firm. Producers appear to be quite current in their marketing’s.

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