Market News

Tuesday midday cash livestock prices

Cattle country is quiet on Tuesday with bids and asking prices still not well defined. A few showlists have been noted around 172.00 to 173.00 in the South, and 270.00 plus in the North. New showlists distributed on Monday appear to be some larger than last week, especially in the South. Feedlot leverage could also suffer some if poorly margined packer’s move to reduce chain speed through the week.

Boxed beef cutout values are sharply higher in the morning report. Choice beef is up 2.40 at 251.60 and select is 3.21 higher at 239.20.

Feeder cattle receipts at the Tri State Livestock Auction at MC Cook, Nebraska totaled 2400 head on Monday. Compared to last week, steers were steady to 8.00 lower and heifers’ were 7.00 to 10.00 lower. A moderate demand was noted. 277 feeder steers medium and large 1 averaging 571 pounds brought 273.77 per hundredweight. 194 heifers weighing 567 averaged 251.29.

Barrows and gilts in the Iowa/Minnesota direct trade are 1.96 lower at 86.49 weighted average on a carcass basis, the West is down 1.54 also 86.49, and Eastern markets are 2.21 lower at 86.03. Missouri direct base carcass meat price is 1.00 to 2.00 lower from 79.00 to 83.00. Midwest hogs on a live basis are steady to an instance of 5.00 lower from 58.00 to 77.00.

The pork carcass value is 2.61 lower at 97.50 FOB plant.

The price of gas has dropped by 29 cents since last year and represents the lowest average cost of gas since Dec. 17, 2010, according to the Lundberg Survey just released. Gas prices have been steadily falling in recent months and are expected to continue to decline amid increasing oil production in the U.S. and abroad. This should make more room in the consumer’s budget for meat.

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