Market News

Midday cash livestock markets

Cattle country is typically quiet on Tuesday with bids and asking prices not established. So far the aggressive market moves higher in the nearby futures trade and expectations of further follow-through futures buying may continue, has done little to change the intensity of direction of the cash cattle trade. This could undermine additional buyer support later in the week.

Boxed beef cutout values are significantly higher in the midday report. Choice beef is up 1.44 at 200.03, select is 1.97 higher at 191.31.

Feeder cattle receipts at Joplin, Missouri Regional Stockyards on Monday totaled just 1172 head. Compared to last week there was not a good test on steers under 600 pounds, over 600 pounds were firm to 3.00 higher. All weights of heifers closed steady. Receipts were curtailed again due to extreme heat and humidity with slightly cooler temperatures expected the remainder of the week. Feeder steers medium and large 1 averaging 623 pounds brought 144.99 per hundredweight. 618 pound heifers traded at 134.16.

60 loads of hay were reported at the rock Valley, Iowa hay auction. Compared to the previous week, alfalfa and grass hay sold higher, and straw was weaker. Premium large rounds and squares of alfalfa brought 110.00 to 127.50 per ton. Good large squares and rounds at 107.50. Alfalfa grass mix, good large rounds and squares from 90.00 to 95.00 per ton.

Barrows and gilts in the Iowa/Minnesota direct trade are .82 lower at 68.36 weighted average on a carcass basis, the West is down .63 at 68.47, and nationally the market is .90 lower at 67.48. Missouri direct base carcass meat price is steady from 64.00 to 66.00. Midwest hogs on a live basis are lightly tested at steady prices from 40.00 to 46.00.

The pork carcass cutout value is down .23 at 88.66 FOB plant. Bellies are $2.21 lower.

Hog slaughter is expected to remain strong through the week with an expected slaughter number of 430,000 head expected on Tuesday and 40,000 on Saturday. These daily numbers through the week have remained generally consistent and have allowed packers to gain access to needed hogs without additional spending over the last several weeks.