Market News

Midday cash livestock markets

There are a few scattered bids in the cattle on Wednesday from 142.00 to 144.00 live and 222.00 to 225.00 on a dressed basis. Asking prices range from 148.00 to 150.00 live and 232.00 plus dressed. Significant trade may not develop before Thursday due to the wide spread between asking prices and bids.

Boxed beef cutout values are mixed with the choice down .25 at 240.96, and select is up .10 at 230.54.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 1641 head on Tuesday. Compared to the previous week, feeder steers over 500 pounds and heifers traded steady to 5.00 higher. Steers under 500 pounds sold uneven from 4.00 lower to 4.00 higher. Yearling steers and heifers traded steady to 4.00 lower in a light market. Demand was good on a light supply. Feeder steers medium and large 1 weighing 837 pounds brought 192.39 per hundredweight. 568 pound heifers traded at 212.93.

Barrows and gilts in the Iowa <Minnesota direct trade are 1.10 lower at 71.70 weighted average on a carcass basis, the West is down 1.04 at 71.51, and nationally the market is 1.33 lower at 70.84. Missouri direct base carcass meat price is steady to 1.00 lower from 63.00 to 64.00. Midwest hogs on a live basis are steady to 4.00 lower with an instance of down 6.00 from 44.00 to 52.00.

The pork carcass cutout value is .58 higher at 86.75 FOB the plant.

The fact that hog buyers are developing a consistent pattern of buying live inventory lower and lower fits well with conventional assumptions the country supplies will steadily increase over the next 60-90 days.