On Tuesday, direct cash cattle markets are quiet. Significant trade volume will more than likely wait until Thursday or Friday and bids and asking prices should be poorly defined until around midweek. What asking prices we do see are around $119 to $120 in the South and $190+ in the North. The overall offering looks a little bit larger thanks to a bigger showlist in Texas.
DTN reports feedlot numbers have more than likely seen their seasonal peak and will start declining within the next two to four weeks. Still, cash demand may be limited by strength in corn and slow beef demand, and weather continues to effect pretty much everything.
Boxed beef at midday was modestly lower with Choice down $.42 at $190.09 and Select $.27 lower at $174.80.
Across the Midwest, hay demand is called strong but supplies are very limited in most areas.
At the feeder cattle auction in Joplin, Missouri, compared to last week’s sharply lower test, steers, calves and yearlings were $2 to $5 lower with a light supply and moderate demand. Total receipts were 3,430 head. 600 to 700 pound feeder steers sold at $135 to $149 and 500 to 600 pound heifers ranged from $136 to $147. For the Kingdom City auction in Callaway County, Missouri, receipts were 1,198 head with no good comparison but a weak to lower undertone was noted. 800 to 900 pound feeder steers sold at $128.60 to $132.50. 800 to 850 pound feeder heifers ranged from $127.25 to $127.50.
In the hogs, after opening the week on the defensive, it looks like more of the same today. It looks like many packers have inventory covered during the first part of the month and while it wasn’t down sharply, the cutout continues to slide. On the carcass basis, the National Direct market is $3.27 lower at $88 to $94.60 with a weighted average of $90.54. The Eastern Cornbelt is down $1.03 at $89.01 to $94.60 with the weighted average at $90.37. The Western Cornbelt and Iowa/Southern Minnesota markets were not reported due to confidentiality.
Butcher hogs at the terminal markets are steady to $3 lower with tops at $61 to $66. The Missouri Direct supply and demand was light to moderate with the base carcass meat price steady to $1 lower at $88 to $91 and sows also steady to $1 lower at $40 to $48. Illinois Direct sows were steady to $2 lower at $40 to $46 with a few up to $48 on light to moderate demand and moderate to heavy offerings; Illinois Direct boars ranged from $15 to $40.
Pork trade at midday was slow to moderate with mostly light demand and mostly moderate offerings. Butts were weak, fresh loins were not fully established, and processing cuts, including lean trimmings, were not tested.