Market News

Midday cash livestock markets

Packer inquiry in the cattle remains at a minimum on Wednesday, but it is improving some with a few scattered bids in eastern Nebraska at 192.00. Significant trade volume will probably be delayed until late in the week. A few early asking prices have been noted around 130.00 in the South and 205.00 in the North.

Boxed beef cutout values are lower in the morning report. Choice beef is down 2.68 at 215.89, and select is 2.71 lower at 207.67.

Cattle futures gapped higher on Tuesday, extending the recovery by triple digits. If the firmer undertone can be maintained, the softer basis will help fortify higher asking prices in feed lot country.

Feeder cattle receipts at the Ozark’s Regional Stockyards at West Plains, Missouri totaled 1983 head on Tuesday. Compared to last week, steer calves traded steady to 5.00 lower, heifer calves were uneven from 3.00 lower to 5.00 higher. Yearling steers and heifers were not well tested but the undertone was steady to weak. Demand was good on a light to moderate supply. Feeder steers medium and large 1 averaging 568 pounds brought 188.35 per hundredweight. 567 pound heifers traded at 149.37.

United Producers at Shelbyville, IL had receipts of 439 cattle. Only slaughter steers, Holsteins and heifers were reported. The trade was active with good demand. Slaughter steers choice 2-4 traded from 117.00 to 125.00, Holstein steers brought 111.00 to 117.50. Slaughter heifers ranged from 115.00 to 125.00.

A Special dairy sale was held at the Springfield, Missouri Livestock Marketing Center on Tuesday. Receipts totaled 637 head. The supply and demand was moderate and included a herd dispersal. Springer Holstein heifers bred seven to nine months, supreme weighing 1375-1600 pounds and individual crossbred brought 1400.00 per head. Heifers bred three to six months, supreme A weighing 1375 to 1625 pounds traded at 1400.00 per head.

Barrows and gilts in the Iowa/Minnesota direct trade opened .01 higher at 67.70 weighted average on a carcass basis, the West was down .32 at 67.28, and nationally the hogs were .50 lower at 65.93. Midwest hogs on a live basis are steady from 40.00 to 50.00.

The pork carcass cutout value was up 1.11 at 82.93 FOB plant.

Spending in hog country seemed to turn a corner on Tuesday with packers jumping bids and gathering greater negotiated numbers in one fell swoop. Once we get into the seasonal groove, finishing floors will consistently tighten over the next several months.

The pork carcass value surged over $81 Tuesday with significantly better demand noted on retail cuts, picnics, and ribs. With product sales appreciating at a faster rate than live costs, processing margins continue to look extremely attractive.

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