Market News

Wednesday midday cash livestock markets

Given just a trickle of negotiated receipts generated on Tuesday, DTN reports most pork producers simply said “no thanks” to lower bidding packers. Such early week thrift could come back to haunt processors if storm conditions on Thursday and Friday make it impossible to buy enough numbers to fund slaughter plans.

Barrows and gilts in the Iowa/Minnesota direct trade opened .62 lower at 78.67 on a carcass basis, the West is down .48 at 78.59, and the East is 1.03 lower at 78.73. Missouri direct base carcass meat price is steady to 3.00 lower from 75.00 to 76.00. Terminal hogs are steady to 1.00 lower from 50.00 to 56.00 live.

Cattle country is quiet, with bids and asking prices still not well defined; a few token bids have been reported by private sources in Kansas at 121.00 to 122.00, asking prices are 125.00 to 126.00 in the South and 198.00 plus in the North. Severe winter weather has been forecast for much of the cattle feeding area, so it is hard to tell when significant trade will get started this week.

At least four livestock sales in Nebraska have already been postponed or cancelled over the next few days due to the approaching winter storm.

Boxed beef cutout values are mixed with the choice up .44 at 182.91, and select down .04 at 180.84.

Feeder cattle receipts at the St. Joseph, Missouri Stockyards on Wednesday totaled 1500 head. Compared to last week on a light test, feeder steer and heifer calves opened with a lower undertone. Yearling steers over 600 lbs. opened fully steady to 5.00 higher and yearling heifers over 600 lbs. sold steady to 2.00 higher early. Feeder steers medium and large 1 weighing 525 to 600 lbs. brought 151.50 to 152.50. 5 to 6 weight heifers traded from 137.25 to 139.00.