Market News

Tuesday midday cash livestock markets

It is a typical Tuesday in cattle country, very quiet in the feedlot trade with bids and asking prices still not well defined, although a few showlists have been priced around 174.00 in the South and 270.00 in the North. The new showlists collected on Monday are somewhat larger in Kansas and Nebraska, but they are a good deal smaller in Texas and Colorado. The big picture of tight fed cattle supplies remain quite bullish.

Boxed beef cutout values were mixed with choice beef down .02 at 254.25, and select up 1.33 at 241.36.

Feeder cattle receipts at the Joplin, Missouri Stockyards on Monday totaled 3102 head. Compared to last week, steer and heifer calves and yearling heifers were steady, yearling steers were steady to 3.00 higher. Demand was good on a light to moderate supply. There were over twenty loads of yearlings in the offering with weigh-ups average to mostly full. Frigid temperatures curtailed the calf receipts as producers are busy with cold weather chores. Feeder steers medium and large 1 averaging 577 pounds brought 266.33 per hundredweight. 585 pound heifers brought 233.91.

Barrows and gilts in the Iowa/Minnesota direct trade opened 2.76 lower with a weighted average of 84.38 on a carcass basis, the West is down 2.33 at 84.64, and the East is not reported due to confidentiality. Missouri direct base carcass meat price is steady to 1.00 higher from 77.00 to 82.00. Midwest hogs on a live basis are fully steady from 56.00 to 64.00.

The pork carcass cutout value is 1.07 lower at 94.52 FOB plant. Only ribs and bellies were higher.

Japan’s economy unexpectedly shrank for the second consecutive quarter, marking a technical recession in the world’s third-largest economy. This could be bad news for U.S. beef and pork exports.