Market News

Thursday midday cash livestock markets

USDA Mandatory is reporting a limited cattle trade in Kansas on light to moderate demand. Compared to last week, early live sales are 1.00 lower at 146.00. Trading remains inactive in all other areas. DTN reports buying interest in the North seems to be slowly improving though they have not seen a major bid over 237.00 so far. Asking prices are around 148.00 plus in the South and 242.00 plus in the North. Given the fact the futures market will be closed Friday for the holiday both sides may be interested in completing trading today.

Boxed beef cutout values are higher in the morning report, choice 225.40 is up 1.65, select 215.53 up 1.06.

Feeder cattle receipts at the Springfield, Missouri Livestock Marketing Center totaled 1403 head on Wednesday. Compared to last week, steers trended steady, and heifers were steady to 3.00 higher. Holstein steers were not well tested this week, but a lower undertone was noted. Demand was good on a moderate supply. Feeder steers, medium and large 1 averaging 628 pounds brought 199.01 per hundredweight. 572 pound heifers averaged 198.99 at Springfield.

Barrows and gilts in all three major direct trade areas are not reported due to confidentiality. Nationally the hog market is 2.04 lower with a weighted average of 112.90 on a carcass basis. The Missouri direct base carcass meat price is steady to 3.00 lower from 108.00 to 112.00. Live hogs in the Midwest are very lightly tested with several interest out of the market for the Easter observance. Prices are steady to 1.00 lower from 80.00 to 83.00.

The pork carcass value FOB plant is .62 lower at 120.54.

Market participants viewed the decline in March hog supplies as a signal that spring and summer shortages would be much more severe than expected and responded accordingly. End users of pork that rushed to market in order to get enough supplies around them now may choose to sit on the sidelines as prices declined.