Market News

Midday cash livestock markets

As expected on Tuesday cattle country is very quiet with bids and asking prices not well defined, significant trade volume will probably be delayed until sometime on Thursday or Friday. The new showlists distributed on Monday were generally larger than the previous week. Additionally wholesale beef demand continues to struggle with the choice beef closing last week sharply lower.

Boxed beef cutout values are mixed in the morning report. Choice beef is down 1.76 at 217.81, and select is .22 higher at 199.60.

Feeder cattle receipts at the Oklahoma National Stockyards on Monday totaled 5300 head. Compared to last week, feeder steers and heifers trended 2.00 to 6.00 lower. The demand was moderate to good for feeder cattle as cattle futures continued lower on Monday. Steer and heifer calves were lightly tested and a few were 10.00 to 15.00 lower. Feeder steers medium and large 1 weighing 777 pounds brought 140.86 per hundredweight. 719 pound heifers traded at 132.98.

Feeder cattle receipts at the Joplin, Missouri Regional Stockyards on Monday totaled 3,493 head. Compared to last week, steer and heifer calves were 10.00 to 12.00 lower. Yearlings were 5.00 to 10.00 lower. Demand and supply was moderate to light. Feeder steers medium and large 1 averaging 736 pounds brought 138.62 per hundredweight. 574 pound heifers averaged 131.29.

Barrows and gilts in the Iowa/Minnesota direct trade are 3.13 lower, the West is down 2.88 with both at 78.18 weighted average on a carcass basis. Nationally the hog market is down 1.66 at 78.38. Missouri direct base carcass meat price is steady to 1.00 higher from 68.00 to 74.00. Midwest hogs on a live basis ae steady from 48.00 to 58.00.

The pork carcass cutout value is .35 higher at 88.25 FOB plant. Bellies are $3.00 higher.

Pork loin prices continue to soften as supply lines have been replenished following the Memorial Day holiday and retail interest during mid-June has waned. If carcass value is to move significantly higher, hot belly demand will have to be the driver. So far there hasn’t been much of a fire in the belly market.