Market News

Midday cash livestock markets

Cattle country is at a standstill on Wednesday with just a few scattered asking prices of around 118.00 to 120.00 noted in the South. The first bids of this week have yet to surface. Significant trade volume could be delayed until the end of the week.

By closing solidly higher on Tuesday, cattle futures provided significant proof that a seasonal bottom has been established. For example, spot August live settled above the 40 day moving average for the first time since June 10th.

Boxed beef cutout values are steady to weak. Choice beef is up .04 at 100.07, select is .22 lower at 190.60.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri on Tuesday totaled 2539 head. Compared to last week, feeder steers and heifers traded 2.00 to 7.00 higher. Monday’s limit up futures and continued gains along with the volume of processed beef being moved helped the cash market to see some positive gains. Demand was very good on a moderate supply which included 10 pot loads of yearling heifers. Feeder steers medium and large 1 averaging 819 pounds brought 131.31 per hundredweight. 364 head of replacement heifers weighing 823 pounds brought 132.50 per hundredweight.

Slaughter cattle receipts at the Manchester, Iowa Livestock Auction totaled 436 head on Tuesday. Compared to last week beef steers and heifers were $2.50 lower, and Holstein steers were down 2.00. High yielding prime and choice steers brought 116.00 to 118.50. Heifers from 116.00 to 118.75. Holstein steers ranged from 106.00 to 111.50.

Barrows and gilts in the Iowa/Minnesota direct trade and the West are not reported due to confidentiality. The national hog market is 1.31 lower at 66.73 weighted average on a carcass basis. Missouri direct base carcass meat price is steady from 64.00 to 66.00. Midwest hogs on a live basis are steady from 40.00 to 50.00.

The pork carcass cutout value is down $4.01 at 82.50 FOB plant. Bellies are down $21.36.

Over the last six weeks, dressed hog weights have averaged 210.7 pounds, 1.2 pounds lighter than last year. Weights are forecast to work lower further into the summer, but remain lighter than 2015.