Market News

Midday cash livestock markets

USDA Mandatory is reporting negotiated cash cattle trade in Texas is light on moderate demand with early live sales at 150.00. In Kansas trading is moderate to active on good demand. Compared to last week live sales are 2.00 higher at 150.00. Trading is light on moderate demand with a few live sales In Western Nebraska at 151.00.

Boxed beef cutout values are firm with the choice up .05 at 252.78, and select .17 higher at 249.52.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 2991 head on Tuesday. Compared to last week, feeder steers traded steady to 4.00 higher with feeder heifers uneven from 3.00 lower to 3.00 higher. Yearling steers and heifers traded 5.00 to 10.00 lower. Demand was moderate in a bearish market as feeder cattle futures closed down the limit, with corn contracts going in the opposite direction. Feeder steers medium and large 1 averaging 933 pounds traded at 202.03 per hundredweight. 719 pound heifers brought 213.65.

Barrows and gilt in the three major direct hog markets are not reported due to confidentiality. Nationally barrows and gilts are 2.03 lower with a weighted average of 71.82 on a carcass basis. Missouri direct base carcass meat price is steady from 69.00 to 70.00. Midwest hogs on a live basis are steady to 1.00 lower from 46.00 to 55.00.

Pork carcass cutout value FOB plant is .09 higher at 81.53 in the morning report.

A dramatic shift in market psychology in the corn market could have a significant impact on both cattle, hog, and chicken expansion. The threat of substantially higher corn prices could work to check carcass weights and challenge the wisdom of long-term production growth.