Market News

Midday cash livestock markets

It is a typical Tuesday in cattle country with bids and asking prices still not well defined. A few showlists have been priced around 167.00 to 168.00 in the South and 266.00 to 268.00 in the North. Significant business will probably be delayed until the second half of the week.

Boxed beef cutout values are significantly higher in the morning report. Choice beef 254.50 up 2.80, select 250.78 up 3.16.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 9,700 head. Compared to last week, feeder steers and heifers were mostly steady. Steer and heifer calves were firm to 3.00 higher on comparable sales. Receipts were slightly higher than expected this week, however some cattle may have been slated for next week but shipped this week instead because of the Easter holiday. Feeder steers medium and large 1 averaging 817 pounds averaged 209.38 per hundredweight. 874 pound heifers brought 190.85.

Barrows and gilts in the Iowa/Minnesota direct trade are 2.12 lower with a weighted average of 54.47 on a carcass basis, the West is down .80 at 55.60. The East and National reports are not available due to confidentiality. Missouri direct base carcass meat price is steady to 1.00 lower from 50.00 to 53.00. Midwest hogs on a live basis are steady from 33.00 to 37.00, with several interest out of the market for the week.

The pork carcass cutout value is down .38 FOB plant at 65.01.

Noting that U.S. pork prices are low and Chinese prices are twice as high, trade sources are now predicting exports to China could more than double in 2015.