Market News

Beef and pork values close higher

Feedlot country remained at a standstill on Tuesday with both bids and asking prices poorly defined. Some showlists are priced at 105.00 or better, but for the most part producers are watching the board and beef trade in order to gauge the late month price potential. The slaughter was estimated at 114,000 head, 1,000 less than last week but 1,000 more than last year.

Boxed beef cutout values were higher on moderate to fairly good demand and moderate offerings. Choice beef 182.07, up 1.09, select 168.92, up 1.75.

At the Manchester, Iowa Livestock Auction on Tuesday receipts of slaughter cattle totaled 463 head. Beef steers, Holstein steers and heifers were all $2.00 higher than last week. High yielding choice and prime steers and heifers ranged from 100.00 to 104.00 per hundredweight. Holstein steers from 89.00 to 94.75.

Although cattle futures traded higher for most of the session, profit taking and long liquidation surfaced in the last hour, causing live and feeder futures on the Chicago Mercantile Exchange to settle moderately lower. Live cattle settled .07 to .40 lower. Feeder cattle .82 lower to .17 higher, with just a couple of contracts in the black.

Sioux Falls Regional Stockyards at Worthing, South Dakota had receipts of 1881 cattle on Monday. Steer and heifer calves were lightly tested, with a steady to firm undertone noted. Yearling steers were mostly steady except 900 to 950 pounds 5.00 to 8.00 higher. Yearling heifers sold mostly steady with instances of 3.00 higher on those weighing 850 to 900 pounds. Feeder steers medium and large 1 weighing 923 pounds averaged 127.27 per hundredweight. 870 pound heifers brought 114.73.

Lean hogs settled .17 to 1.67 higher despite follow-through pressure developing in cash hog markets once again on Tuesday morning, strong futures buying redeveloped in the nearby hog contracts. December through April contracts held triple digit gains as traders continued to focus on the ability to draw commercial interest back into the market.

Barrows and gilts in the Iowa/Minnesota direct trade closed .09 lower at 45.72 weighted average on a carcass basis, the West was down .17 at 45.64, and the national market was up .08 at 45.32. Missouri direct base carcass meat price was steady from 38.00 to 39.00. Only Zumbrota, Minnesota posted a live market on Tuesday, steady to 1.00 lower at 26.00.

The pork carcass cutout value was .50 higher at 73.46 FOB plant. All cuts closed moderately higher.

Despite last week’s round of record setting pork production, carcass value moved solidly higher on Monday with all primals catching stronger demand except the loin. So far, pork demand looks great this quarter.

A big hog slaughter reported by USDA on Tuesday at 442,000 head, 2,000 more than last week, and 16,000 greater than 2015.