Market News

Tuesday midday cash livestock markets

It is a typical Tuesday in cattle country with bids and asking prices still not fully developed. However, private sources report a few showlists are being marked around 161.00 to 162.00 in the South, and 250.00 to 252.00 in the North. Packers appear to be extremely short bought given their limited procurement last week. But John Harrington at DTN says, if feedlot managers were tough to deal with on Friday they are likely to be even more bullishly stubborn given the new roll the board seems to be on.

Choice boxed beef is up 1.49 in the morning report, select is down .16 at 226.67.

Feeder cattle revised receipts at the Oklahoma National Stockyards totaled 6517 head on Monday. Compared to last week, feeder steers and heifers traded mostly 2.00 to 6.00 higher with the most advance being seen on 6 to 7 weight cattle. Steer and heifer calves trended mostly steady to 6.00 higher. The largest demand has been seen on larger packages of weaned cattle that are ready to be turned out. Feeder steers, medium and large 1, calves weighing 624 pounds averaged 240.22 per hundredweight. 668 pound heifers brought 234.14.

Barrows and gilts in the Iowa/Minnesota direct trade are 1.87 lower, the West is down 1.63 with a weighted average of 106.55 on a carcass basis in both regions. Eastern hogs are .02 lower at 101.50.  Missouri direct base carcass meat price is not reported. Barrows and gilts at Midwest markets are only reported at Peoria, IL and Zumbrota, Minnesota steady to 2.00 higher live from 70.00 to 72.00.

The pork carcass cutout value FOB plant is 1.06 higher at 121.75.

Though the new Hogs and Pigs report made lean hog futures open sharply lower Monday, the fact that prices rallied significantly off session lows and closed no worse than mixed may suggest the bearish news of expansion potential is already dialed into the board.