Market News

Tuesday midday cash livestock markets

It is a pretty typical Tuesday in cattle country with buyers slow to field starter bids, and producer asking prices are a bit sketchy. Some showlists are priced around 128.00 plus in the South and 198.00 plus in the North. Significant trade volume will probably not take shape until the second half of the week. But for packers to stay on the backburner trying to wait out country resolve, they will probably find it necessary to keep a tight rein on chain speed.

Boxed beef cutout values in the morning report are higher on the choice and sharply higher on select. Choice beef is up .74 at 194.04, and select is 1.92 higher at 175.62.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 4358 head. Steer calves weighing less than 550 lbs. and heifer calves less than 500 lbs. were steady, steer calves over 550 lbs. were steady to 1.00 lower, heifer calves over 500 lbs. 1.00 to 3.00 lower. Demand and supply was moderate. Feeder steers medium and large 1 weighing 527 lbs. traded at 159.28. 529 lb. heifers traded at 134.39 per hundredweight.

Barrow and gilt prices in the Iowa/Minnesota direct trade are not reported due to confidentiality. In the West the market is 1.98 higher at 79.75. Eastern markets are .94 lower at 74.51 on a carcass basis. Missouri direct base carcass meat price is steady from 71.00 to 77.00. Terminal hog prices on a live basis are trending steady from 50.00 to 58.00.

The combination of improving South American weather and technically damaged charts, corn and beans futures suddenly look quite vulnerable. Lower feed costs could further feed the fire of swine herd expansion.

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