Market News

Cattle showlists appear smaller

Cattle country was quiet following the distribution of the new showlists. Ready numbers appear to be generally smaller with only Texas reporting a larger showlist. A few asking prices are around 162.00 in the South and 260.00 plus in the North. The kill totaled 104,000 head, 5,000 more than last week, and 6,000 above a year ago.

Boxed beef cutout values were higher on moderate demand and light offerings. Choice beef was up .77 at 241.08, and select was up 1.59 at 239.38.

Chicago Mercantile Exchange Live cattle contracts settled 67 to 167 points lower. Triple digit losses developed as pressure in outside markets created following through selling after traders attempted to find some stability at midmorning. The market was pressured by long liquidation and nervousness over beef demand. February settled .67 lower at 156.02 and April was down 1.42 at 147.10.

Feeder cattle ended the session 110 to 180 points lower. The bearishness in the cattle on feed report with January placements well above early report estimates kept the market under pressure. Even though buyer support seemed to temper the losses, the support was short lived. March settled 110 points lower at 198.07, and April was down 1.30 at 197.05.

Feeder cattle receipts Monday at the Joplin, Missouri Regional Stockyards totaled only 2880 head. The sale started late due to light receipts and weather. Compared to a light test last week, steers under 600 pounds sold steady, 650 to 800 pounds were 2.00 to 5.00 lower, over 800 pounds 6.00 to 8.00 lower. Heifers sold 3.00 to 6.00 lower. Demand was moderate to light on a light supply. Feeder steers, medium and large 1 weighing 500 to 600 pounds traded from 240.00 to 290.00 per hundredweight. 5 to 6 weight heifers brought 204.00 to 227.50.

Lean hogs settled 67 to 132 points higher. Futures gained support through the morning as a combination of higher cash values and the potential that resolutions on West Coast port issues will help to increase movement of pork to export markets. April settled .92 higher at 68.32, and May was up .95 at 78.25.

Barrows and gilts in the Iowa/Minnesota direct trade closed 2.72 higher with a weighted average of 62.44 on a carcass basis. The west was up 3.26 at 62.40. Eastern markets were not reported due to confidentiality. Missouri direct base carcass meat price was steady from 52.00 to 53.00. Midwest hogs on a live basis were steady to 2.00 higher from 34.00 to 44.00.

The pork carcass cutout value was .09 higher at 71.59 FOB plant. Butt, rib and ham primals were all lower.

The hog kill last week totaled 2.285 million head, up 2.8% from the week before and up a whopping 8.2% from 2014. Hog slaughter has been above the year ago level for six of the last seven weeks. Compared to a year ago, pork production during the last five weeks was up 6.9%.

The Monday hog kill was estimated at 430,000 head, 13,000 greater than last week, and 4,000 more than a year ago.