Market News

Midday cash livestock markets

The cash cattle market is still looking for this week’s first bid. Initial buying interest could eventually surface here and there sometime today, but significant trade volume may not develop before Thursday or Friday. Some have suggested asking prices around $105.00 in the South and 162.00 plus in the North. DTN reports, several packers continue to insist that they essentially have slaughter needs already covered for the next two weeks.

Boxed beef cutout values are mixed in the Wednesday morning report. Choice beef 182.48, up .41, and select 168.39, down .53.

Feeder cattle receipts at the Ozarks Regional Stockyards at West Plains, Missouri totaled 2945 head. Compared to last week steer calves traded 5.00 to 10.00 higher, instances of five weights 10.00 to 15.00 higher. Heifer calves traded 3.00 to 6.00 higher. There were too few yearlings last week for an adequate comparison, however undertones were higher. Demand was very good on a moderate supply. Feeder steers medium and large 1 averaging 523 pounds averaged 127.85 per hundredweight. 705 pound replacement heifers brought 120.75.

A large run of feeder cattle at the Philip Livestock Auction, Philip, SD, 12,587 head on Tuesday. Compared to last week, steer calves 2.00 to 4.00 higher with some up 8.00. Heifer calves 3.00 to 5.00, with those over 600 pounds 8.00 to 10.00 higher. There was very good demand for the very large offering of high quality fully preconditioned calves. Best demand was seen on those big heavy steers and heifers that will be finished before the summer months, of which several strings were offered. 2973 head of feeder steers medium and large 1 weighing 569 pounds brought 134.94 per hundredweight. 505 heifers weighing 577 brought 119.74.

Buffalo Livestock Auction, Buffalo, Missouri sheep and goat auction had receipts of 758 head in the monthly sale. The supply and demand was good with a near standing room only crowd on hand. Markets were mostly steady across the board compared to last month. Feeder lambs medium and large 1 weighing 35 to 45 pounds traded from 162.00 to 180.00 per hundredweight. Slaughter lambs, wooled prime 2-3 weighing 80 to 133 pounds brought 126.00 to 135.00. Feeder kids selection 1 weighing 25 to 38 pounds ranged from 155.00 to 175.00 per hundredweight. Selection 1 slaughter kids weighing 65 to 105 pounds brought 185.00 to 190.00.

Barrows and gilts in the national direct trade are .72 lower at 44.67 weighted average on a carcass basis, the West 45.23, down .43. Iowa/Minnesota direct trade not reported due to confidentiality, the five day rolling average at 45.80. Missouri direct base carcass meat price is study from 38.00 to 39.00. Midwest hogs on a live basis fully steady from 26.00 to 30.00.

The pork carcass cutout value is .11 lower at 73.56 FOB plant.

Although pork demand this fall has held up relatively well, some fear that consumers are close to a tipping point when adequate consumption through the balance of the fourth quarter will heavily depend on much lower wholesale and retail prices.