Market News

Midday cash livestock markets for Monday

Cattle country is typically quiet in the early rounds with packers concentrating on the assessment of the new showlists. Although negotiated trade volume totals seemed no better than moderate at the close of trade on Friday the weekly kill totaled 590,000 head, larger than has been seen in several weeks and suggesting packers managed to somehow source plenty of cattle. If feedlot managers were forced to carryover a large number of unsold cattle it may also be true packers will find themselves quite short bought. Late week numbers are expected to be about steady with last week. . Some early asking prices are around 154.00 to 155.00 in the South and 245.00 to 247.00 in the North.

Boxed beef cutout values are firm to higher in the morning report with the choice up .40 at 250.17 and select .92 higher at 240.58.

Feeder cattle receipts at the Joplin Regional Stockyards on Monday totaled 3500 head. Compared to last week, steer calves and yearlings opened steady, heifer calves steady to 5.00 higher. Demand was moderate to good and supply was moderate to light. Feeder steers medium and large 1 weighing 600 to 700 pounds ranged from 237.50 to 258.00. 6 to 7 weight heifers brought 209.00 to 225.00.

Barrows and gilts in the Iowa/Minnesota direct trade opened 1.30 lower, the West was down 1.11 with both at 93.89 weighted average on a carcass basis. The East was 1.83 lower at 92.39. Missouri direct base carcass meat price is steady to 8.00 lower from 86.00 to 95.00. Midwest markets are steady with tops from 65.00 to 75.00 live basis.

The pork carcass cutout value is .11 lower at 103.71.

The monthly cold storage report released on Friday indicated slower June-to-July drawdown for both frozen pork and beef than expected. This may represent another sign of weakening red meat demand.