Market News

Midday cash livestock prices

Cattle country is quiet on Tuesday with bids and asking prices still not well defined. A few showlists have been priced around 166.00 in the South and 260.00 in the North. The new showlists distributed on Monday look generally smaller than the previous week, especially in Texas.

DTN reports, the complete lack of commercial buying interest in the feeder futures pit suggest feedlots are wary about consumer spending for beef in 2015, especially if increased pork and chicken supplies mean significantly cheaper competition.

Choice boxed beef is down 1.95 at 243.57, and select is up .53 at 235.20.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 6575 head. Compared to last week, steers under 600 pounds were steady to 5.00 higher, over 600 pounds 5.00 to 8.00 lower. Heifers weighing less than 600 pounds trended steady, over 600 pounds steady to 5.00 lower. Demand was moderate to good on a moderate supply. Feeder cattle going on feed are under pressure as feeder cattle futures closed limit down and live cattle futures were sharply lower Monday. Feeder steers, medium and large 1 averaging 624 pounds brought 257.35 per hundredweight. 606 pound heifers averaged 236.78.

Barrows and gilts in the Iowa/Minnesota and Western direct trade are not reported due to confidentiality. Nationally the hog market is 1.08 lower with a weighted average of 78.96 on a carcass basis. There is no price comparison in the Eastern market also at 78.96. Midwest hogs on a live basis are steady with an instance of 1.00 lower from 55.00 to 60.00.

The pork carcass cutout value is sharply lower in the morning report at 89.86 down 3.60 FOB plant. Picnics are over 1.00 lower, and bellies down nearly $9.00.

Light country receipts on Monday could make short-bought hog buyers work harder today. Additionally processing margins have certainly improved since late November.

The negotiated cash hog trade could struggle over the last half of the month since packers often satisfy shortened holiday kill schedules almost exclusively with contracts.