Market News

Midday cash livestock markets

The cash cattle trade is having a slow start on Thursday with private sources reporting just a few scattered bids in Nebraska at 196.00, but packer inquiry is expected to improve as the day progresses. A few asking prices have been noted in parts of the South at 136.00. Significant trade may be delayed until sometime on Friday.

Boxed beef cutout values were lower in the morning report. Choice beef was down 1.60 at 213.21, and select 1.29 lower at 204.30.

Feeder cattle receipts at the Springfield Missouri Livestock Marketing Center totaled 2006 head on Wednesday. Compared to last week, steer and heifer calves were 2.00 to 5.00 lower, yearlings were not well tested, but the undertone was lower. Holsteins compared to two weeks ago, under 600 pounds were 10.00 to 20.00 lower, 600 pounds to 800 were 10.00 lower, over 800 steady. Demand was moderate to light on a moderate supply. Feeder steers medium and large 1 averaging 518 pounds brought 167.60 per hundredweight. 524 pound heifers averaged 148.39.

Cattle receipts at the Schuyler Livestock Auction at Rushville, IL totaled 314 head. Compared to two weeks ago, slaughter steers and heifers sold 10.50 to 11.00 lower. Trade was active with moderate demand. Slaughter steers choice 2-4 traded from 110.50 on low dressing to 126.00. Heifers from 115.00 to 125.00.

The Buffalo, Missouri Livestock Market sheep and goat sale had receipts of 850 head. The supply was doubled from last month and demand was very good with a standing room only crowd. All markets were mostly steady to higher compared to last month. Feeder lambs, choice 2-3 weighing 20 to 34 pounds brought 235.99 to 242.59 per hundredweight. Wooled slaughter lambs weighing 65 to 95 pounds traded from 215.00 to 230.00 per hundredweight. Feeder kid goats selection 1 weighing 20 to 38 pounds brought 260.00 to 280.00 per hundredweight.

The Fort Atkinson, Iowa Hay Auction had a much smaller run on Wednesday with corn being planted instead of moving hay. Prices were steady to a little stronger depending on the quality. Bedding was steady with last week. Utility hay brought $65.00 per ton, fair from 50.00 to 90-.00, and good hay ranged from 89.00 to 130.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade are .28 higher at 69.71 weighted average on a carcass basis, the West is up .48 at 69.59, and nationally the hog market is .30 lower at 67.93.Missouri direct base carcass meat price is steady to 2.00 higher from 55.00 to 63.00. Midwest hogs on a live basis are steady from 40.00 to 50.00.

The pork carcass cutout value was .41 lower at 81.61 FOB plant.

Cash hog sales soared higher for the second session in a row on Wednesday as short-bought packers aggressively supported the negotiated market, both in terms of price and volume.

June hog futures even in the $79 area are trading in the lower 4%-5% of trading values over the past five years. If bullish momentum shifts into higher gear thanks to surprisingly friendly fundamentals, prices could conceivably run higher for a long time.