Market News

Tuesday midday cash livestock markets

We could start to see packer inquiry improve today with a few bids on the cattle showing up as the day progresses. At this point it is likely to be one of two options, initial bids may be strong, and draw active trade into the market before the end of the day, similar to last week, or trade could be delayed until Friday. Although not well defined some asking prices are around 168.00 to 170.00 in the South and 260.00 plus in the North. 

Boxed beef cutout values were higher in the morning report with the choice up .92 at 250.76, and select 235.65, .72 higher. 

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, MO totaled 3978 head on Tuesday. Compared to last week, the bulk of the feeder steers and heifers trended 2.00 to 5.00 lower, with yearlings trending steady to 5.00 higher. Demand was moderate early in the sale and improved throughout the day as several high quality weaned and vaccinated packages entered the market. Feeder steers medium and large 1 averaging 520 pounds brought 271.01 per hundredweight. 522 pound heifers traded at 252.05. 

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas were not reported due to confidentiality. The East was 1.16 lower at 94.31 weighted average on a carcass basis. Nationally the hog market is down 1.09 at 94.14. Missouri direct base carcass meat price is 1.00 to 5.00 lower from 83.00 to 92.00. Midwest hogs on a live basis are steady to weak with an instance of 2.00 lower from 67.00 to 80.00. 

The pork carcass value in the morning report 101.33 down 2.71 FOB plant. 

Pork values continue to quickly erode. This is creating additional concern about not only short-term market direction, but overall long-term market stability. Further pressure in both pork values and cash markets will only add to futures market liquidation, which has been seen early in the week.