Market News

Wednesday midday cash livestock markets

It wasn’t a typical Tuesday in Cattle country as short bought packers went after cattle early in the week. USDA Mandatory reported the trade was light in the Texas Panhandle on light to moderate demand, live sales were mostly steady at 150.00. Kansas trade was moderate to active on good demand with live sales steady to 2.00 higher from 150.00 to 152.00. Trading was light to moderate in Nebraska with live sales 2.00 higher than last week at 152.00 to 154.00, and dressed sales 2.00 to 3.00 higher from 244.00 to 245.00.  Asking prices on the few cattle left on the showlists are around 152.00 to 153.00 in the South, and 245.00 plus in the North.

Boxed beef cutout values are mixed with the choice up .80 at 242.05, and select is down .76 at 233.69.

Feeder cattle receipts at the Philip Livestock Auction, Philip, South Dakota totaled 3618 head on Tuesday. Compared to two weeks ago steers were mostly 4.00 to 6.00 higher, except those over 750 pounds traded steady. Heifers were mostly 5.00 to 8.00 higher, and steady on those over 700 pounds. 730 pound feeder steers averaged 190.26 per hundredweight. 736 pound heifers averaged 172.82.

Barrows And gilts in the Iowa/Minnesota direct trade are 2.28 lower at 124.29 weighted average on a carcass basis, the West is down 1.92 at 124.25, and the East is not reported due to confidentiality. Missouri direct base carcass meat price is steady to 2.00 lower from 117.00 to 119.00. Terminal hogs are steady to 1.00 lower from 80.00 to 88.00.

The pork carcass value is .53 higher at 131.92 FOB plant.

The fact that lean hog futures locked limit-down in pit trading on Tuesday indicates that many specs and commercial are nervous that the March 1 hog and pigs report report due out Friday will not significantly “feed the fire” of PED destruction.

Hog buyers purchased live inventory lower on Tuesday for the second consecutive session. Is it possible that country leverage has finally peaked out?