Market News

Friday midday cash livestock markets

Cattle prices reached a new record high on Thursday of $170.00 per hundredweight, $6.00 higher than the previous week. The trade in the South may be complete for the week. In the North cattle are trading at $170.00 live in Iowa and a few sales on a dressed basis are being reported in Nebraska at 265.00. Asking prices on cattle left in the North are around 267.00 plus.

Boxed beef cutout values were lower in the morning report. Choice beef 247.04 down 2.39, and select 232.44 down 1.10.

Feeder cattle receipts at Missouri auctions this week totaled 28.892 head. Compared to the previous week, feeder steers and heifers traded steady to 5.00 lower. The feeder supply was moderate to good. There was a good mixture of steers from calves to yearlings. In the Southern region of Missouri, an unseasonably large run of feeder cattle was offered. Demand for feeders remains good to very good. 934 head of feeder steers medium and large 1 with an average weight of 523 pounds averaged 280.90 per hundredweight. 403 feeder heifers weighing 526 pounds traded at 233.98.

Barrows and gilts in the Iowa/Minnesota, Western and Eastern direct trade areas are not reported due to confidentiality. Nationally the market is 1.05 lower with a weighted average on the carcass basis at 90.28. Missouri direct base carcass meat price is 2.00 to 3.00 lower from 79.00 to 89.00. Midwest hogs on a live basis are lightly tested with most interests out of the market on Friday. Prices are steady from 65.00 to 74.00.

The pork carcass cutout value is 2.34 lower at 98.20 FOB plant. Only ribs and bellies are higher.

Follow through pressure in both pork cutout values and hog prices at the end of the week are adding even more concern about the ability of the lean hog market to stabilize over the near term. Even at the lower prices, it has become difficult for wholesale sales to increase due to the expectation that even more product will be available in the future.

 

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