Market News

Midday cash livestock markets

The main item of business in cattle country on Monday is the collection of the new showlists. Given the light trade volume totals generated on Friday this week’s offering could be somewhat larger, possibly inflated by unsold cattle carried over into this week. On the other hand last week’s larger kill of 571,000 head supports ideas feedlots did not slip behind in terms of current marketing’s. The small sampling of business reported last week suggested sales of 194.00 to 195.00 in the North, roughly $5.00 lower than the previous week. There were only a few packages in the South at 127.00, generally 2.00 lower.

Boxed beef cutout values are steady to lower with the choice up .18 at 203.32, and select down .23 at 190.72.

Meat production last week increased from the same week a year ago. Beef production was up 2.7% while pork was up 6.0%. Beef carcass weights were down 3 pounds from last week. Certainly an indication producers are working through heavy weight cattle, according to Allendale’s Paul Gregory.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards today totaled 8,000 head. Compared to last week, steer and heifer calves were steady, yearlings were steady in a limited test. Demand was moderate and the supply was heavy. Feeder steers medium and large 1 weighing 500 to 600 pounds traded from 174.00 to 187.00 per hundredweight. 5 to 6 weight heifers brought 159.00 to 168.00.

Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality, the rolling 5 day average is 51.29, the West is down 31 at 51.63 weighted average on a carcass basis, the East has no price comparison at 49.88, and nationally the market is .88 lower at 50.11. Missouri direct base carcass meat price is 2.00 higher at 44.00, although some buyers are still out of the market. Midwest hogs on a live basis are fully steady from 28.00 to 40.00.

The pork carcass cutout value is .38 lower at 72.76.

Hog supplies are still seen as a burdensome as last week’s slaughter hog production was estimated at 2.400 million head. That is the largest production this year and the largest since the 2.402 that was seen the week ending September 22, 2012. This was the third largest production week in history.