Market News

Monday midday cash livestock markets

Cattle country is quiet with bids and asking prices not fully established as packers and producers are busy taking inventory. Business was delayed until Friday last week, with a light trade in Texas at 170.00, $4.00 higher than the previous week. A moderate trade took place in Kansas and Nebraska. Live deals in Kansas were generally 3.00 to 5.00 higher from 170.00 to 172.00. Dressed deals in Iowa and Nebraska came in 2.00 to 5.00 higher at 264.00 to 267.00.

Boxed beef cutout values are significantly higher in the morning report. Choice beef is up 2.03 at 254.19, and select is 1.53 higher at 239.82.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards totaled 3500 head today. Compared to last week, steer and heifer calves opened steady on a very light test, yearlings were scarce early. Demand was good and supply was moderate to light. The sale started late due to frigid temperatures. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 262.50 to 270.00. 5 to 6 weight heifers brought 230.00 to 252.00.

Barrows and gilts in the Iowa/Minnesota and Western direct trade areas are not reported due to confidentiality. Nationally the market is down 1.54 at 84.64. Eastern barrows and gilts are down .26 at 83.80. The Missouri direct base carcass meat price is steady to 1.00 higher from 72.00 to 81.00. Midwest hogs on a live basis are steady from 56.00 to 64.00.

The pork carcass value FOB plant is up .02 at 95.95.

Pork processors are starting the week with attractive margins. Barring a sudden collapse in the carcass value, hog buyers have plenty of incentive to support the cash market, especially if the country offering keeps getting more manageable.