Market News

Midday cash livestock markets

Except for some possible clean-up trade today, it is looking like the cash cattle trade may be completed for the week. The bulk of the trade in the South occurred on Wednesday. A light to moderate trade was reported in the North yesterday at 137.00 to 138.00 live and 217.00 to 221.00 dressed.

Boxed beef cutout values in the morning report are mixed. Choice beef is .36 higher at 247.22, select 225.12, down 1.54.

Slaughter cattle receipts at Sheldon, Iowa on Thursday totaled 468 head. Compared to last week, the market was 4.00 lower on choice steers, 3.00 lower on the choice Holstein steers, and 4.00 lower on the heifers. Demand was good on a lower offering. Slaughter steers choice 2-4 traded 137.00 to 143.50. Holstein steers choice 2-3 from 111.00 to 119.00. Slaughter heifers’ choice 2-4 at 138.00.

Feeder cattle receipts at Missouri auctions this week totaled 42,679 head. Compared to last week, feeder steers and heifers ended the week steady to 5.00 lower. A few early week markets and some that did not have sales last week were much stronger as they tried to catch up with the gains the market saw last week, still quoting certain classes 10.00 to 15.00 higher. By mid-week the tone turned and cash markets tumbled with 10.00 lower being frequent in reporter’s narratives. The supply was heavy with the largest volume since early January, this was most likely due to the fact so many markets were affected by the weather last week. Feeder steers medium and large 1 averaging 623 pounds traded at 168.13 per hundredweight. 622 pound heifers averaged 147.27.

In Nebraska this week, alfalfa, grass hay, ground and delivered hay and dehydrated alfalfa pellets sold steady. Some sellers of grass hay stated that demand was really good this week. The dehydrated operators in Nebraska have started to cut hay. A few alfalfa hay producers mentioned they are going to start on the first cutting of alfalfa at the end of the week. In Eastern and central Nebraska supreme large square bales of alfalfa are 150.00 to 155.00 per ton. Good large squares from 120.00 to 125.00. Good round bales in the Platte Valley area are 65.00 to 70.00 per ton. Ground and delivered alfalfa from 90.00 to 100.00.

Barrows and gilts in the Iowa/Minnesota direct trade are not reported due to confidentiality. Western hogs are down 1.26 at 69.38 weighted average on a carcass basis, nationally the hog market is .82 lower at 68.74. Missouri direct base carcass meat price is steady to 7.00 higher from 59.00 to 62.00. Midwest hogs on a live basis are 1.00 lower at 47.00.

The pork carcass cutout value is down .33 at 81.52 FOB plant.

As the cost of live inventory increases faster than carcass value, pork processing margins are steadily tightening. This trend is expected to continue, making it tougher for finishing floor managers to remain strictly current.